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AUDJPY Analysis – June 20
AUDJPY is stabilizing its market above the 91.930 critical level. This is an initiative of the market buyers to avoid further slumps and loss of all the price levels that were surpassed from the end of last month. However, the price is being curtailed by the 94.030 resistance level. This allows for a possibility for bears to step in still to influence the market.
AUDJPY Key Levels
Resistance Levels: 96.800, 95.620, 94.030
Support Levels: 92.930, 91.120, 87.430
AUDJPY Long-Term Trend: Bullish
The price is just recovering from a major dip in price, which took place from April to May. During the period the highest price attained was 95.620. After achieving this level, the market began to spiral downwards past the key levels. The market eventually plunged to the 87.430 support level. From this level, bulls gained strength and began to drive the market upward.
The effect is a bullish surge is that it pierces through several key levels. The market then reached the recent high at 95.620 and surpassed it to reach 96.800. From here, the bullish strength waned, allowing retribution from the sellers, which followed a swift decline. However, buyers are now stabilizing the market at 92.930. The EFI (Elders Force Index) line, which fell below the zero level, has turned upward.
AUDJPY Short Term Trend: Bullish
The 4-hour chart shows that the market is now negotiating the 94.030 barrier to go upward. The Parabolic SAR (Stop and Reverse) has more dots aligned below the 4-hour candlesticks to confirm the upward direction of the market. The EFI on the short term is around the equilibrium level. When the market breaks the 94.030 barrier, it will push towards 96.800.
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