Market Analysis- May 20
The AUDJPY market has been performing brilliantly, with a very discernable direction on the daily chart. The ascent on the daily chart has broken the resistance trendline to the upside. The market gyration has covered inefficient regions on the bearish swing.
AUDJPY Key Levels
Demand Levels: 90.000, 87.900, 85.920,
Supply Levels: 91.180, 95.140 96.000
AUDJPY Long-term Trend: Bullish
The Moving Averages (periods nine and twenty-one) led the market to a dip during February and March. After a test of the support zone of 85.920, a shift in market structure enforced a bullish reversal on the daily timeframe.
A bullish parallel is guiding the upward trend. The midline of the parallel channel is seen to display characteristics of demand and supply. The buyers utilized the trend line within the bullish parallel channel to engineer an ascent.
AUDJPY Short-term Trend: Bullish
The market has reached the resistance level of the parallel channel. The Stochastic is overbought on the daily and 4-hour charts; hence, a pullback is anticipated towards the 61.8 retracement level on the Fib tool to continue the uptrend.
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