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Correction on the EURUSD is bigger than expected. AUDJPY with a nice bearish setup

By:
Tomasz Wiśniewski
Published: Nov 21, 2017, 11:40 UTC

The correction on the EURUSD accelerates. The price did not stop on the 38,2% and 1.1730. We are clearly aiming the 50% Fibonacci along with the upper

EurDollar Notes

The correction on the EURUSD accelerates. The price did not stop on the 38,2% and 1.1730. We are clearly aiming the 50% Fibonacci along with the upper line of the recent big flag formation. As long as we stay above the neckline (green area) the sentiment is still positive but the situation for the buyers is not so comfortable as it was a few days ago.

Oil is still above the 55.10 USD/oz and the buy signal is still with us. As long as we stay above this area, buyers have bigger chances for a mid-term success.

AUDJPY recently broke two important supports: up trendline and a horizontal one around 85.8. Now it is time to test the 85.5 as a closest resistance. Along with the horizontal area, we do have a mid-term down trendline there and the potential correction equality pattern. Bearish price action in this area can be an excellent selling opportunity.

This article is written by Tomasz Wisniewski, a senior analyst at Alpari Research & Analysis

About the Author

During his career, Tomasz has held over 400 webinars, live seminars and lectures across Poland. He is also an academic lecturer at Kozminski University. In his previous work, Tomasz initiated live trading programs, where he traded on real accounts, showing his transactions, providing signals and special webinars for his clients.

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