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AUD/USD is sitting on important support while USD/JPY has retraced above its 78% line and looks ready to attack the previous top. A fairly simple setup here is to go long AUD/JPY and use AUD/USD break of support as a stop. If stopped out just short AUD/USD as its next support would be 1.011
wayne0708 wrote:Personally I do not think rally will last,but in case it does at most, probable target should be at gap resistance.
Just a wild guess!!!
Someone had a chart with an hourly trendline for SPX which would correlate closely with that gap.
This is the perfect place for spy to fail and continue down.
Otherwise, if she breaks above the trend channel, it would confirm a trend-reversal (or trap), and the next target would be gap fill (grey box).
Disclaimer: I am not an investment advisor. This is just my opinion NOT investment advice.
key time, if lower high here then chart not good looking anymore, wait.
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Al_Dente wrote:This is the perfect place for spy to fail and continue down.
Otherwise, if she breaks above the trend channel, it would confirm a trend-reversal (or trap), and the next target would be gap fill (grey box).
419spy60_png.png
FWIW - SPY Apr max pain, per OptionCalc, 156.50-157.00
consolidation then breakout, here's possible target.
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