AUDJPY: Towards Bottom of Major Sideways Consolidation, 2nd wave Retracement in Progress

AUDJPY D1, Major Sideways Consolidation

AUDJPY H1, Retracement Channel in Progress

We have both the bigger timeframe and the smaller timeframe pointing to the same direction which is downwards.
The D1 chart is showing major sideways consolidation and the price is falling from the top towards the bottom while the H1 chart has shown a new downtrend and the price has already begun its retracement.
We shall wait for the price to complete its 2nd wave of retracement to look for selling opportunity.

Leave a Reply