DAILY SPOT AUDJPY - Wednesday's trade idea and technicals
Three unchanged weekly closes in a row have left daily trend signals weak, but for Tuesday there was a cautiously bearish bias. This was confirmed as initial gains in Asia were given up, but for sentiment to close little changed for the 3rd day in a row. Further losses in Asia this morning keeps the focus to the downside, so with signals weakening the outlook for Wednesday remains bearish and the call is to sell on the open and then at 75.74, the 13 day average rate with a stop loss at 76.08, yesterday’s high. Targets are to 75.23, July’s low, 74.59, the 26th June open and 74.33, the 25th June low trade.
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