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Market Analysis – May 1
The AUDJPY pair exhibits a strengthening bullish momentum, notably marked by the breakout from a parallel channel with the formation of three consecutive white soldiers. This surge in momentum propelled the price past the resistance level of 102.80, edging closer to the pivotal 105.50 threshold.
Key Levels for AUDJPY
- Demand Levels: 97.80, 95.60, 93.70
- Supply Levels: 102.80, 105.50, 110.00
AUDJPY Long-term Trend: Bullish
The prevailing trend for AUDJPY remains bullish, underscored by a significant surge in buying momentum witnessed in the preceding year. This bullish dominance was evident through ten consecutive days of daily closing prices surpassing the opening prices, indicative of strong buyer influence. Such periods typically favour forex signals aligning with the prevailing trend.
Presently, the buying momentum continues to strengthen, illustrated by five consecutive bullish sessions following the formation of a hammer candle from the 97.80 level. The breakthrough of the 102.80 resistance level further solidifies the bullish stance, setting the stage for a potential challenge of the 105.50 resistance barrier.
AUDJPY Short-term Trend: Ranging
The ongoing pullback observed on the 4-hour chart is anticipated to provide crucial support for a breakthrough above the 105.50 resistance level, potentially signalling further bullish momentum.
In summary, AUDJPY nears a critical juncture at the 105.50 resistance zone, with bullish sentiment prevailing amid strengthening buying momentum.
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