Forex Analysis Video with Future Predictions AUDJPY and EURUSD Week April 3rd
On AUDJPY, weekly supply has held and price as plummeted down from 88 to 84. If you are not already short, I’m looking for resistance to hold again. Price should retest previous lows and stay below $86. If for some reason it goes above $86, then all bets are off and we could continue to back up into the highs. Bottom line is it looks like we are starting a new down trend on this market and price needs to continue to fall after the small wave retracement back up.
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On EURUSD, we see price breaking weekly and and daily supply zone. This is a little unexpected as this maybe the start of something new. This new uptrend could retest the highs and daily supply at $1.11. First I think that this week we will see a wave back down to the newly formed trend-line for the lows. I would also look to wrap this new move in a channel line as this is something that I personally didn’t see happening, but price can do whatever it wants to do do we just have to obey price action. Right now price action is telling me to look for a good buying area. The demand zone is around $1.06 up to $1.07, and I hope to get on board to retest the new highs at $1.09.