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Market Analysis – October 22
AUDJPY experiences a bullish reversal after the Relative Strength Index (RSI) Indicator signaled an oversold market. A major swing low was formed at the end of March 2023, indicating a potential market change.
AUDJPY Major Zones
Demand Zones: 91.850, 90.000, 87.850
Supply Zones: 94.800, 96.950, 99.050
AUDJPY Long-Term Trend: Bullish
AUDJPY’s market structure transformed, establishing higher lows. Ultimately, the price surpassed previous resistance zones after the reversal.
In June, the price experienced a fall after encountering the resistance zone at 96.950. The pullback paused at the 90.000 support zone. Although the resistance was not breached, the test of the bullish trend line is likely to continue the market ascent.
The current price action is forming an ascending triangle pattern, which is typically considered to be a bullish signal. This further supports the notion that the pullback is ending and an impulse bullish move may be on the horizon.
AUDJPY Short-Term Trend: Bullish
AUDJPY test of the bullish trend support and the most recent bottom, showing signs of bullishness in the market. The Moving Average also confirms this bullish sentiment.
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