Market Analysis – October 18
The AUDJPY uptrend has recently slowed after breaking past the key swing high of 100.020. Following the Break of Structure (BOS), the price has made a double retest of the bullish order block at 99.900, indicating a temporary pause in the upward momentum.
AUDJPY Key Levels
Demand Levels: 99.210, 95.680, 93.420
Supply Levels: 102.620, 104.530, 108.300
AUDJPY Long-Term Trend: Bullish
AUDJPY has initiated a bullish trend but is currently trading within the region of a major bearish order block at 99.210. The initial test of this zone triggered a slight price decline, but buyers have since renewed their efforts to resume the bullish momentum. However, the presence of downward pressure from the bearish order block continues to challenge this upward push.
After the breakout above 100.030, a failed high suggests growing bearish pressure. Despite this, the Smoothed Heikin Ashi candles still indicate upward movement, showing resilience against the bearish pressure in the region.
AUDJPY Short-Term Trend: Ranging
On the lower timeframes, the market is in a consolidation phase, with sideways price action following the temporary halt in the daily chart’s ascent. This consolidation has resulted in a double retest of the bullish order block at 99.500 on the 4-hour chart. If the price breaks out of this consolidation, it may rise aggressively toward the next supply level at 102.620 which could serve as a target for forex signals.
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