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Market Analysis – July 24
The AUDJPY currency pair is currently showing adherence to a bearish trendline, leading to a test of a significant demand zone. Notably, a double bottom pattern formed after the demand level was tested.
Furthermore, the swing low of the demand level aligns with a bullish trendline, resulting in a critical convergence point. As a result, market participants are closely monitoring the situation, anticipating an imminent breakout that will determine the next direction for the pair.
Key Levels For AUDJPY
Key Levels For AUDJPYDemand Levels: 94.000, 93.500, 93.000
Supply Levels: 96.000, 97.000, 98.000
AUDJPY Long-Term Trend: Bullish
An analysis of the Stochastic indicator revealed that the market was oversold during the test of the demand level in July, indicating a potential reversal. Currently, the price is gravitating towards the fair value gap at 95.500.
To further set the stage for an upcoming breakout, the price action has formed a symmetrical triangle pattern. Such patterns often serve as signals for potential significant price movements.
AUDJPY Short-Term Trend: Bearish
AUDJPY Short-Term Trend: BearishOn the 4-hour chart, the price is displaying a bullish trend, though it has become overbought according to the Stochastic indicator. As a possible scenario, the price might retrace from the resistance trendline to the supporting trendline before the anticipated breakout occurs.
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