Good morning, respected forum fellows, readers, and traders. I welcome you to in my trading journal. Today is Wednesday, and almost half of trading week has passed. The market is showing good volatility this week, and I hope you enjoyed it a lot. Can you tell me that what you have done in your trading this week? I hope you are happy with my technical analysis.
In today's post, we will take a look at AUD/USD, #USDX, and USD/JPY.
#USDX technical analysis:
Yesterday was a good day for the #USDX. Yesterday #USDX had shown a good bullish movement, and we also see its impact on the other currency pairs and metal. In the attached H4 chart, we can see a clear double bottom pattern, where #USDX had got a rejection and started a bullish movement. We can expect that #USDX will continue its bullish tendency in the H4 chart. RSI and the Parabolic SAR are also indicating an upward movement in the #USDX. I suggested you open a buy trade at the #USDX with a target of 91.75. One thing to keep in your mind that at 91.21, there is also a resistance available in the #USDX.
AUD/USD technical analysis:
AUD/USD is now trading at 0.7713. If you recall your memory, and I hope you will remember that a few days ago, I post my technical analysis at AUD/USD, in which I suggested you open a sell trade. We can see in the H4 chart, AUD/USD had completed harmonic bat pattern and has started a bearish movement, which is a strong confirmation of upcoming downward movement in the AUD/USD. We can see The Bollinger bands, MACD, and RSI are also indicating a downward movement in the AUD/USD. We have good reason to sell the AUD/USD, then it is suggested to sell the AUD/USD with a target of 0.7660.
USD/JPY technical analysis:
USD/JPY is now trading at 108.07. Nowadays, USD/JPY is trading under the seller's pressure. If you remembered, we already talked a lot about USD/JPY in Monday's update. On Monday, I suggested you sell the USD/JPY with a target of 108.20.
In the daily chart, with the help of the Fibonacci reversal movement, we can see that USD/JPY is now trading few pips above the 38.2 level. It looks that USD/JPY will continue its bearish momentum in the daily chart. We can expect that USD/JPY will easily break the 38.2 level with the bearish movement. I suggested you open a sell trade with a target of 107.75.