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AUDJPY Analysis – December 7
AUDJPY faces downward as the price hits the upper boundary of the Bollinger Bands in the supply zone. The breakout from the consolidation between 95.000 and 94.000 set the price to the upside along a diagonal support. The recent breakout of the diagonal support is likely to enhance a rapid drop in the value of AUDJPY into the discount zone.
AUDJPY Key Levels
Demand Zones: 91.790, 86.060
Supply Zones: 98.600, 102.840
AUDJPY Long-Term Trend: Bullish
The reaction of AUDJPY towards the 86.060 support suggests the intent of the bulls to take over the market. The MACD (Moving Average Convergence Divergence) rose rapidly across the zero line to the upside. The price also rose, though in fractals, until a resistance was met in less than two months after the bounce. However, due to the bull’s intention to keep prices bullish, the resistance failed to cause a resumption of the bearish trend.
The buying pressure eventually increased against the selling pressure, thereby leading to the exit of the bears. This caused a change in the market’s environment as the price exuberantly skyrocketed, leaving a Fair Value Gap below 92.130. At 97.670, AUDJPY made a reversal, diving into the discount and the Fair Value Gap before resuming the market’s bullish trend. Prior to the resumption of the uptrend, AUDJPY consolidated within the Bollinger Bands. Price is currently facing the downside as it sets for a retracement into the discount zone.
AUDJPY Short-Term Trend: Bearish
The indication of the MACD on the four-hour chart currently shows that the market is facing downward pressure. The downward pressure resulted from the resistance at 97.600, as the price failed to form a higher high. An MSS (Market Structure Shift) is expected to occur soon as the market dives into the discount zone.
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