AUDJPY for the watchlist

Good Evening Dynamic Traders,

Hope you have had a great week. We are almost at the end of another trading week, in the middle of the year and approaching the longest day of the year (at least in the UK). Hope the first 6 months have been enjoyable and the next 6 will be even more memorable!

I have posted the AUDJPY and the EURGBP today.

The AUDJPY weekly chart shows price has tagged a Fib breather level on its recent uptrend and has imminently retreated. Not surprisingly this activity was close to a RN. Will the price continue up or will it resume the previous downtrend?














The daily chart shows the trend line which price has been regularly using as support and is now approaching a resistance level/squeeze. I have displayed three possible scenarios (up/down/sideways until it pops out of the squeeze). You may say that is fairly non committal, and I would have to agree with you. The reason for this is not because I wish to withhold information but because just like you, I do not know what is going to happen next, and therefore it is pointless guessing. The better position to be in is keep an unbiased eye on it for further clues and then decide. We have accumulated many clues or confluences which currently are mild mannered. Once they are more prominent the smart money will be ready to reap the rewards.














Following on from my previous EURGBP post on Sunday, price broke through and then went up to re-test and provide a potential second chance for those that missed it the first time :). Price is at a breather level and we don't yet know if it has completed its re-test or if there is more left, therefore await the signals of a continuation and then place your orders.














Have an awesome weekend and build in some reflection time at a half year milestone. I will be unable to post any blogs next week but my learned bloggers will no doubt provide excellent benefit from their analysis and experience.

I would like to say a big thank you to you the readers for your kind words and comments, it really is very encouraging and rewarding to know that the posts are contributing towards growth and successful trading.

Good Trading!
Bijal Shah

www.fxcps.co.uk
www.fxcps.eu
www.dynamictraderblog.com

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