AUDJPY Price Analysis – March 7
AUDJPY makes an impulsive run towards the supply zone at 86.000. The market formed a symmetrical triangle at the supply zone at 86.000. The market dived with an impulsive run outside the symmetrical triangle. The Moving Averages period nine and twenty-one crossed to confirm the bearish move. The market retraced to 84.070 to create a supply zone, which promoted a selloff in the market. The market began a second impulsive run which was bearish towards 79.910.
AUDJPY Significant Zones
Demand Zone: 78.910, 80.600
Supply Zone: 84.070, 86.000
AUDJPY Long Term Trend: Bullish
The demand zone at 78.910 prevents lower pricing in the market. The bulls aggressively took over the market. Three rising soldiers formed after the demand zone was tested. The impulsive run retraced to 80.600, which caused the bulls to make an impulse run into 84.070. The Moving Averages period nine and twenty-one crossed to confirm the bullish run. A head-and-shoulders pattern formed beneath the 84.070 supply zone. The market dropped back to 80.600.
The market stealthily crept towards 84.070 after touching 80.600. A symmetrical triangle was formed in the daily time frame. The market created an impulsive run outside the symmetrical triangle. The impulsive run passed through the 84.070 level. The impulsive run is currently aiming towards 86.000.
AUDJPY Short Term Trend: Bullish
The Moving Average period nine supports the price towards the supply zone at 86.000. The market’s impulsive run towards the supply zone is almost completed. The market is very bullish. The downward-closed candles are not violated. They are holding the price for bullish moves. The previous resistance zone aided the bullish impulsive run towards the next supply zone.
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