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AUDJPY Analysis- October 10
AUDJPY driving force is trading lower in the market, and the sellers are the ones in charge of the wheel. The bears are subjecting the price at the moment to a downtrend after going awry upon the price’s arrival at the 96.100 significant zone. The sellers are therefore aiming to cause price flow beyond the 91.970 significant zone as price focus is already beginning to shift towards a selling tendency. The daily chart shows the moving average participation of days 9 and 21 widening apart in the market. This implies that selling influence is yet to be exerted on the currency pair.
AUDJPY Key Zone
Resistance Zones: 96.610, 91.970
Support Zones: 87.940, 83.420
AUDJPY Long Term Trend: Bearish
The AUDJPY market tendency is currently inside the price range. The market has been trading consistently inside the range of prices for about 5 months now. We get to see the bulls attempting to break out but eventually being shifted southward by the sellers. The bulls were previously strong contenders as price value rose from about 83.420 keg level up to 96.610 in the space of three months. Price consolidation, currently ongoing, shows that the currency pair is still indecisive as regards its direction of flow.
The sellers are still showing signs of dominance currently in the market. The price strength continues to increase as the sellers place more orders at a higher price. The Relative Strengths Index is also trending lower as sellers are making more attempts to drive prices lower on the daily chart. More selling force should be anticipated on the selling side at the moment.
AUDJPY Short Term Trend: Bearish
The sellers are causing the prices to consolidate in an attempt to make the price activity fall. The buyers are also toiling with prices at this moment on the 4hr chart. However, the selling impact is still having the upper hand on the market as the RSI shows the price is still declining till the price trades down to the 91.970 key zone.
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