USDJPY: The rally that began in the wake of the U.S. elections catapulted the pair above channel resistance that extends from the June 24th high.
Although the pair is quickly approaching resistance near 111.40, I’m only interested in buying opportunities given the bullish momentum of late. At the same time, the overstretched price action makes it unfavorable to enter long at current levels.
As such, it may be prudent to wait for a pullback to support near the 109.00 handle. If one doesn’t materialize, traders can watch for opportunities to get long on a daily close above the 111.40/80 area.
Above the April and May highs, there isn’t much in the way of resistance until the February and March highs at 114.55.
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AUDUSD: From a technical standpoint, the AUDUSD has seen it all. Over the past few weeks, we’ve had engulfing candles, pin bars, false breaks and a wedge pattern that spans all of 2016.
Throughout this melting pot of formations, I’ve kept a bearish bias due to the multi-year downtrend that commenced in 2011.
On November 11th those with a bearish bias were vindicated when the pair closed the session below wedge support that extends from the current 2016 low.
From here, traders can watch for selling opportunities on a rotation back to the 0.7440 handle. Key support for the week ahead comes in at 0.7330, which is also the 50% retracement of the entire 2016 rally.
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