FxWirePro: AUD/JPY forms hammer to support bull swings in short run, major trend retraces above 50% Fibos – Buzzing yields in one touch binary calls

Hammer pattern candle has occurred at 88.140 levels (on 2H charts).

Hammer offers support to bulls, as a result, the current prices spike above 7SMAs with gaining momentum.

On a broader perspective, bulls have managed to retrace 50% Fibonacci levels and bounce back above 7-EMAs levels in the consolidation phase.

After 1 year of consolidation phase from the lows of 72.437 levels (Jun’16 lows) now seems to be gaining traction for more upside targets.

Most importantly, bullish pattern have occurred as stated above, more rallies on cards as the breach above 50% Fibonacci retracements has been a better bullish clarity, the current prices on this timeframe have also spiked EMA curves with bullish EMA crossover.

To substantiate this strength, both leading oscillators are converging to these upswings, stochastic evidences %k crossover right from the oversold zone (on 2H chart) to signal the intensified buying sentiments. While RSI is also showing considerable strength in the uptrend, Same has been the case on monthly plotting, even after inching towards overbought zone it is signaling buying sentiments.

MACD has remained below zero level but no deviation from the signal offered by leading oscillators, the uptrend is likely to extend further.

Trade Tips:

Well, contemplating above stated technical reasoning, on speculative grounds we advise buying one touch binary call options on every dip.

This strategy is likely to fetch leveraged yields than spot FX as the underlying spot FX keeps rising upwards.

Currency Strength Index: FxWirePro's hourly AUD spot index is inching towards -51 levels (bullish), while hourly JPY spot index was at shy above 82 (bullish) at the time of articulating. For more details on the index, please refer below weblink:

http://www.fxwirepro.com/currencyindex.

FxWirePro launches Absolute Return Managed Program. For more details, visit: 

http://www.fxwirepro.com/invest