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Market Analysis – December 18
AUDJPY buyers return to the market as the price leaves the discount zone. The market experiences a prevailing surge in positive momentum, marked by intricate variations in prices oscillating between the premium and discount zones.
The current upward trend originates from a recent retreat near the rejection block, hinting at a likely continuation. Indications from the Stochastic Oscillator affirm sustained upward momentum as the price emerges from conditions of oversold status.
AUDJPY Key Levels
Demand Zones: 91.80, 86.10
Supply Zones: 96.90, 98.60
AUDJPY Long-Term Trend: Bullish
Before the April 2023 uptrend initiation, AUDJPY witnessed a revival, garnering support around the 86.10 demand zone. This initiated an upward surge marked by fractal-like price dynamics, showcasing buyer efforts to assert dominance.
The MA Cross exhibited a bullish transition, reinforcing bullish trader conviction. Subsequently, an ongoing influx of purchase orders drove prices toward the well-established key resistance level of 91.80. Significantly, the breach of the 91.80 resistance hinted at a potential transfer of market control from bears to bulls.
A sudden upward momentum unfolded, inducing anxiety among the bearish investors who hastily departed from the market. This led to a significant climb, marking the withdrawal of the bears, until a swing high of 97.70 materialized. In response to the liquidity gap during the surge, a notable corrective movement was initiated from a breaker block.
Following this, the upward path persisted until the 97.70 swing high lost its validity. As a result, AUDJPY descended into discounted territory within the trading range. It seems that the bullish sentiment has reemerged as the price experiences an upswing aligned with the broader market trend.
AUDJPY Short-Term Trend: Bearish
The order flow of the market is currently bearish on the four-hour chart. During the retest at $96.90, a bearish order block formed as the price crashed rapidly downward. After an invalidation of the 96.150 high, AUDUSD is likely to resume its bearish trend once the bearish order block is reached.
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