What happened? Japanese shares fell on Monday…
AUD/JPY broke resistance area
2019-11-11 • Updated
- AUD/JPY broke resistance area
- Next buy target - 88.00
AUD/JPY recently broke through the resistance area lying at the intersection of the resistance level 86.50, resistance trendline of the daily down channel from September and the 50% Fibonacci correction of the previous ABC correction (B) from September. AUD/JPY is expected to rise to the next buy target at the next resistance level 88.00 (target price for the completion of wave 3 and the top of the previous minor correction (ii) from November).
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AUD/USD has been trying to break higher for an extended period but without any chance. From April until today, all rallies’ attempts have faded as shown on the daily chart.
Weaker dollar - cheaper dollar. What else may be a conclusion to be drawn from the USD's weakening?
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