Markets are moving!
News is breaking about President Donald Trumps impeachment. Markets are dropping as traders head towards safe havens -GOLD and the JPY. The US stock market has had a sharp decline this evening.
One trade set up we are looking at is the AUDJPY.
The AUDJPY has appeared to have broken a key structure which is suggesting we could see further downside on the pair.
The 200 day moving average has provided a major level to sell from previously. Since the 200 day moving average touch in November the AUDJPY has failed to create a higher high, which is technical signal for a reversal.
AUDJPY Daily Charts
AUDJPY – 1 Hour Charts
The inclining structure appears to have been broken. If the AUDJPY creates a new low, the 127% FIB level could provide a target.
Trade Set Up 1: SELL Market Order – Stop loss 74.60 and take profit set at 72.80
Trade Set Up 2: SELL LIMIT – Entry Price 74.20 stop loss 74.60 and take profit set at 72.80