Forex Technical Analysis: Sell Stop AUDJPY?

ZFX – Today’s analysis will be focusing on forex, indices, cryptocurrencies (Ethereum), and American stocks (Netflix). There is also a little trading idea (signal) at the end of this article that just might be a good insight for you traders.

Every morning during the London session, ZFX brings you a technical analysis or outlook of the day’s market movements in the form of a video. You can check out the video by clicking on this link.

So, How Does the Pre-London Analysis Look Like Today?

As usual, do remember that before you do any form of trading, you will need to do some analysis of the day’s market movements first. So, here’s a summary of today’s market outlook brought to you by our ZFX Analysts.

XAUUSD Technical Analysis – Commodities

XAUUSD (Gold) still looks like it’s leaning towards being bullish in the short-term.  Its daily timeframe closed bullishly and it looks like it’s in the ranging area after breaking the downtrendline, closing in towards the daily resistance area at 1.795.

ETHUSD Technical Analysis – Cryptocurrency

ETHUSD’s daily candle closed below the support level at 4000. It looks like it’s ready to retest towards a key level to form a lower high and decline even further, wickfill to 3500 or to 3400 at stronger support area.

Netflix Technical Analysis – American Stocks

Netflix had recently broken through its daily uptrend and now is in a bearish trend, subsequently creating a lower high and a lower low. At the moment of writing, Netflix is in a daily support area after retesting at the key level area, of which, if broken through, will head towards 571.92.

Trading Idea – AUDJPY (Sell Stop)

Order: Sell Stop
Entry: 80.630
Stop Loss: 81.120
Target 1:  80.200 (50% + BE)
Target 2: 79.800(25%)
Target 3: 79.000(25%)
Risk total: 1-2% Equity (Medium Risk Setup)
Reason: Bearish trend and daily bearish close as a confirmation on the resistance. Impulse sell is below the support level.