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Market Analysis – September 6
AUDJPY prepares for a breakout. The market experienced a strong bullish trend during the early part of June. The slope of the ADX (Average Directional Index) was positive during the period, revealing the stability of the market uptrend. Only a single down-close candle formed until the nineteenth due to the daunting strength of the buyers. The daily candles rested above the Moving Average line of Period Twenty, which rested in between the Bollinger Bands.
AUDJPY Key Levels
Demand Levels: 93.940, 96.700, 97.560
Support Levels: 92.900, 91.800, 90.300
AUDJPY Long-Term Trend: Bearish
A swing high formed at 97.0 after the Williams Percent Range signaled the exhaustion of the buyers. The daily candles slightly pushed above the upper band of the Bollinger to reveal the market was oversold. Shortly after, a decline in the price was first observed with a daily close candle.
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Furthermore, the market structure shift also signaled the initiation of a fall in price. The market easily took out the swing low established on the 22nd of June. Clearly, the market was on a downward trend with the fall in the price below the Moving Average between the Bollinger Bands.
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However, the Bulls have fought aggressively to prevent the price crash. This has led to a symmetrical triangle pattern on the daily chart. Unsurprisingly, the tussle between the buyers and the sellers affected the ADX. The Average Directional Index slope turned negative. The downward trend is very weak.
AUDJPY Short-Term Trend: Ranging
AUDJPY price is stuck between the resistance level of 94.940 and the support level of 92.900. The price is currently at equilibrium within the range. This is seen on the Williams Percent Range as the Oscillator lies in the middle. The 4-hour chart has established a bearish shift in market structure. This is likely going to send the price to the lower end at 92.900.
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