Newsflow is mixed (California shutdowns could lead to more states following suit vs Moderna vaccine progess)
AUDJPY has been correlating heavily with the stock indices (US30/NAS100/SPX500) as they both are highly based upon risk on (up) vs risk off (down) market sentiment.
I don't want to bet against the stock market (yet) and I've been flaky on directional bias on this pair because of the volatile risk sentiment flows & this 75 level but I think sellers of this pair with stoplosses above 75.00 could get punished similarly to how the stock index sellers have gotten punished in the past few months.
I like the risk/reward ratio as well because my intraday SL is only 25 pips (74.75) giving me 1:1/1:2/1:3/1:4 intraday profit targets (75.25/75.50/75.75/76.00)
from a longer term trade POV im really eyeing this 75.00 major quarter point price level & I would want a better feel on risk sentiment before making a long term bet on this pair. I would much rather talk to you at the end of of July going into August to see how this stupid virus develops and how things play out before betting on where risk flows will go in these current market conditions. (As well as to see if we can make a new Q3 high on the currency pair)
7PM-7:30 EST going into Asian Session volatility about to pick up as I'm writing this & I would definitely want price above that 75.00 price level 12 hours from now @ 7 AM est & going into tomorrows NY Stock Exchange Open around 9-10 AM EST for me to still consider this trade valid & in an ideal situation either book profits or scale in depending on the scenario (potentially both)
If you trade fx / commodities / stock indices or even crypto shoot me a follow as I drop some signals, charts, and analysis on here from time to time
Trade Safe
AUDJPY has been correlating heavily with the stock indices (US30/NAS100/SPX500) as they both are highly based upon risk on (up) vs risk off (down) market sentiment.
I don't want to bet against the stock market (yet) and I've been flaky on directional bias on this pair because of the volatile risk sentiment flows & this 75 level but I think sellers of this pair with stoplosses above 75.00 could get punished similarly to how the stock index sellers have gotten punished in the past few months.
I like the risk/reward ratio as well because my intraday SL is only 25 pips (74.75) giving me 1:1/1:2/1:3/1:4 intraday profit targets (75.25/75.50/75.75/76.00)
from a longer term trade POV im really eyeing this 75.00 major quarter point price level & I would want a better feel on risk sentiment before making a long term bet on this pair. I would much rather talk to you at the end of of July going into August to see how this stupid virus develops and how things play out before betting on where risk flows will go in these current market conditions. (As well as to see if we can make a new Q3 high on the currency pair)
7PM-7:30 EST going into Asian Session volatility about to pick up as I'm writing this & I would definitely want price above that 75.00 price level 12 hours from now @ 7 AM est & going into tomorrows NY Stock Exchange Open around 9-10 AM EST for me to still consider this trade valid & in an ideal situation either book profits or scale in depending on the scenario (potentially both)
If you trade fx / commodities / stock indices or even crypto shoot me a follow as I drop some signals, charts, and analysis on here from time to time
Trade Safe
