In my outlook this Sunday I stated that I would watch the AUDJPY for longs.
One could say that the signal I have been waiting for just came. Still I decided to not to take it. Why?
The EMA is indicating a nice steady uptrend and the price just broke through resistance at 83.75. This would call for a trade. Looking at the MACD and the stochastics in particular made me decide to pass. The MACD is not really supporting the move and is 'recovering' from a bearish divergence, and might even make tripple bearish divergence.
The stochastics just turned back to the overbought area and although currencies can stay oversold for quite a longtime and still go up, I rather wait for it to be in healthier regions.
A wise decision? Only time will tell.
One could say that the signal I have been waiting for just came. Still I decided to not to take it. Why?
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| AUDJPY - Daily |
The stochastics just turned back to the overbought area and although currencies can stay oversold for quite a longtime and still go up, I rather wait for it to be in healthier regions.
A wise decision? Only time will tell.
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