AUD/JPY Inflection Point
AUD/JPY Inflection Point
I hope everyone has an enjoyable MLK weekend – I personally spent most of it icing my lower back. Fortunately I’m in much better shape today and hope to be back to normal later this week. If you read my weekend update then you know that the story on the equity side is a bit contradicting right now and that’s why I’m getting my short term bearings from the AUD/JPY:
I’m sure you recall that diagonal support line I painted on this one two weeks back. Well, it’s now acting as resistance and we bounced off it earlier in the session. I told you guys on Thursday that it’s heading into an inflection point and it seems we have arrived. The upper 25-day BB line is now coinciding with that diagonal acting as double resistance. A push higher here would most likely propel us confidently above the SPX 1300 mark and beyond.
A few FX and commodities setups below for my subs – please step into my evil lair:
[amprotect=nonmember] More charts and cynical commentary below for anyone donning a secret decoder ring. If you are interested in becoming a Gold member then don’t waste time and sign up here. And if you are a Zero or Geronimo subscriber it includes access to all Gold posts, so you actually get double the bang for your buck.[/amprotect] [amprotect=1,13,9,12,5]
EUR/JPY is painting a new NLBL – I would call this daily formation a weak bottoming attempt and the down trend continues until either this or a future NLBL can be conquered. So trade accordingly here. For very short term guidance follow those hourly NLBLs on the left panel.
The NLSL on the USD/CAD was tested today and is holding thus far. This is a great spot to get positioned to the long side with only a few pips of risk on the downside if you place your stop right below 1.0139. FYI – as a sidenote – your quotes may differ slightly – if you don’t know why then read my post ‘First You Find A Good FX Broker’.
Anyway, if this one gives have no compunction about playing the downside into 1.0077. I still can’t believe we are almost at par with those lowly Canadians (my apologies in advance to any hot looking Canadian women).
On to commodities – starting with copper. Technically speaking this is starting to look very bullish and although we may see a little retest (to shake out the piggies) it is now in the clear and destined to make a b-line toward the coveted 4 mark.
Inside candle on corn – you know what to do. Also watch that hourly 609 NLBL on the left panel.
And an inside candle on soybeans – you know what to do. By the way – be aware that this also may turn into a retest variation buy setup – as long as it doesn’t breach yesterday’s 1158.25 low.
[/amprotect] Cheers,
