Market Analysis – April 3
The AUDJPY Bulls have long awaited the test of the bullish order block at the support level of 85.920. After a descent of the market to the key level, a shadow formed a few points above the bullish order blow and took off for 91.180, leaving many Buyers’ orders untagged.
AUDJPY Key Levels
Demand levels: 87.890, 85.920, 83.900
Supply levels: 91.180, 95.140, 98.230
AUDJPY Long-term Trend: Bearish
In February last year, a bearish daily candle at 85.920 served as a trigger to launch the price of the AUDJPY to the moon. The candles aligned perfectly above the Moving Average string between the Bollinger bands until the supply level of 95.140 was tested. A rising wedge guided the price action to the supply level of 98.230 in September. Shortly after, a change of character (ChoCh) was experienced, which fostered a selloff to 91.180.
The bullish order block at 85.920 remained unmitigated, hence serving as a gold mine to go long. The market delivered an impulsive move to 87.890. After a correction within a rising wedge, the market broke out to aim for the next support level, where the bullish order block lies.
AUDJPY Short-term Trend: Bullish
After a free fall off 91.180, the bullish order block of 85.920 did not get tagged. The Stochastic was already oversold. The press of the lower Bollinger Band fostered an ascent. The market is currently retracing to 91.180.
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