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AUDJPY Analysis – August 9
The AUDJPY currency pair has recently exhibited a notable bullish flag pattern, reflecting a strong market sentiment shift. This bullish stance was particularly evident in the first half of June, characterized by a rapid and virtually unhindered price surge until it reached the peak of 97.60. However, it’s worth noting that at this peak, the Stochastic indicator indicated an overbought market condition.
Key Levels for AUDJPY
Key Levels for AUDJPYDemand Levels: 94.10, 95.80, 96.89
Resistance Levels: 92.80, 92.00, 90.20
Long-term Trend for AUDJPY: Bearish
Following the Stochastic indicator’s signal of buying exhaustion, a bearish channel has been identified, coinciding with the formation of a flag pattern. This observation was accompanied by the market responding to a bullish order block situated at 92.00. Despite this, the test of the bullish order block proved inadequate to halt the ongoing correction.
The current Moving Averages lend support to the bearish stance. Unless a successful breakout above the established bearish channel occurs, there is a likelihood that the market will revisit the bullish order block at 92.00 for a second time.
Short-term Trend for AUDJPY: Ranging
The 4-hour chart analysis indicates a period of ranging market behaviour. The price action is expected to adhere to the confines of the bearish channel. Consequently, a temporary upward movement is anticipated, potentially leading the price to ascend toward the resistance trendline around the 94.40 mark.
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