Today we are seeing a nice setup on EURJPY as it broke out of its short term ascending support line and is approaching our intermediate support. A breakout below that level might provide the bearish acceleration to our major support target. RSI is also seeing a bearish exit and bearish divergence, in line with our bearish bias. We are also seeing a nice set up on USDX as it is approaching our major resistance where we are expecting a drop to occur below that level. Stochastic is also seeing a bearish divergence in line with our bearish bias. Here are some of our calls made previously: 1. GBPUSD reversed nicely off our first resistance and is approaching our major support:
2. We caught the drop nicely on AUDJPY as it breaks our intermediate support and is well on its way to our major support:
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.