AUDJPY 4H

6 May 2020

We have a horizontal line that was never retested once it was broken. We have an ascending trend line that was close to being retested on the 1H, but not a confident retest. We have a potential double bottom at a support/resistance + 78 fib retrace line. If we close above this line, I'd look for it to go north to the 38 fib extension point (where arrow ends).

6 May 2020

Not

Here's a closeup at a 1H. I'm looking for a good close above horizontal line before taking a buy.

6 May 2020

Not

On a zoomed in 1H chart, it would be wiser for us to break across this descending trend line, retest it and then head upward.

7 May 2020

Not

We've stalled at the 38 Fib extension. Next couple of close 4H bars could dictate direction.