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Market Analysis – October 3
AUDJPY encounters stiff resistance from the sellers at the 99.000 level. This resulted in a prominent bearish trend. The plunge in price aggressively pierced through the support zones just below it.
AUDJPY Key Levels
Demand Levels: 91.900, 90.300, 87.800
Supply Levels: 95.100, 97.500, 99.000
AUDJPY Long-Term Trend: Bullish
Despite the bearish trend breaking through demand levels, the overall long-term trend remains bullish. The trend turned positive once the bearish trend line was broken. This resulted in an increase in price with progressively higher highs.
The price’s bullish movement was so swift that it broke the 95.100 supply barrier and encountered resistance at 97.500. The price reached a peak at 97.500 but was unable to surpass it, causing a slight bear trend.
The primary trend line and the 0.5 Fibonacci level provided support for the downward price movement. The Moving Average also indicates bullish price activity.
AUDJPY Short-Term Trend: Bullish
Price action remains bullish as it continues to make higher highs. The Relative Strength Index shows that the price is in an oversold position at the 30.0 level, further indicating bullishness.
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