AUD/JPY Analysis

Interesting readings on the daily timeframe where we seem to have found strong support at the 84.33 region. Although short term momentum is down, we have had 5 bounces off the 84.33 area. This area was previous resistance on the 18th Feb. This area also marks the 38.2 retrace of the 17th March low. The main overall trend on the daily and weekly charts is up. Also, notice the trading range which seems to have developed between 87.20 and 84.33 area. I'm placing a long order, summarised with reasons below

Reasons:

- Main trend up on Daily and Weekly charts
- 5 bounces off support at 84.33
- Bullish pinbar candle today off 84.33 support
- 38.2 retrace of the 17th March low
- Bottom of the trading range

ORDER to go long at 84.56
STOP: 8400
LIMIT:8680

Risk Reward 4/1

NZD/USD Analysis

Nice pinbar setup on the daily timeframe for this pair. Only thing i see against this setup is lower time frame momentum is slightly in favour of the bears but i see a confluence of bullish signals which i fancy and it seems as if the lower timeframes possibly need a breather

Reasons to go long:

- Bullish pinbar candle on Daily
- Bounce off 7970 support which was previous resistance
- Main trend on daily chart is up
- The close of the daily bar is around 50% retrace from the 16th May low

Order to open: 8021 (50% retrace of daily candle)
STOP: 7962
LIMIT: 8198

RISK/REWARD 3/1