AUS breakouts

Good evening forex traders,

The AUDJPY chart is displaying some potential opportunities. Below is the 120 chart showing a triangle formation. Price has tagged the trendline almost 3 times with a potential 4th on the horizon. Price is very close to a RN and also and the last candle we see is a doji.

So what does this all mean?
If price is to continue its recent uptrend, it needs to break through the trendline and the resistance highlighted on the chart below. MACD is showing divergence on numerous timeframes. What this may indicate is that price may retreat and test previous support before actually re-testing the trendline. Patience is key here, await the correct signals before entering. It's better to enter a little later and safely accumulate pips rather than second guess (which btw is very easily done and we have all been there) and be stuck with a trade in the wrong direction due to haste or fear of missing out.














Tonight's second chart is the AUDUSD. Price has broken through the trendline resistance, got to within 2 pips of 70 and then stalled. Again MACD divergence is present in more than one timeframe indicating a possible reversal. Employ the ESLT filters to ensure that you do not get caught out by a FBO should price decide to continue upwards.














Good Trading!
Bijal Shah