AUDJPY Previous Resistance Zone Turns Support

Azeez Mustapha


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 Market Analysis – July 31

AUDJPY has recently displayed a noteworthy development, forming a double-bottom bullish reversal pattern as it tested the previous resistance zone at 93.0. This resistance level lies within the discount region of the last bullish swing on the daily chart.

AUDJPY Previous Resistance Zone Turns SupportKey Levels For AUDJPY

Demand Levels: 94.000, 93.500, 93.000
Supply Levels: 96.000, 97.000, 98.000

AUDJPY Long-Term Trend: Bullish

Despite the double-bottom bullish pattern, it’s essential to note that the previous bearish order block at 96.0 remains intact, keeping the market structure bearish. Both the MACD (Moving Averages Convergence and Divergence) indicator and the Parabolic SAR (Stop and Reverse) continue to indicate bearishness on the daily chart.

The occurrence of the double bottom pattern in the demand zone signifies the active involvement of buyers who have stepped in to prevent a further decline in the price.

AUDJPY Previous Resistance Zone Turns SupportAUDJPY Short-Term Trend: Bullish

When observing the lower timeframe, we find a contrasting trend. The MACD on the 4-hour chart shows a bullish signal due to the presence of multiple large bullish candles. The current resistance zone at 95.0 is now under threat as the price rises rapidly on the lower timeframe. To confirm a full-fledged bullish trend, a decisive sweep above the high of 97.0 would be necessary

In conclusionAUDJPY has seen a shift in price actionwith a double bottom pattern forming at the previous resistance zoneindicating buyer interestNeverthelessthe overall market structure remains bearishas reflected in the higher timeframe indicatorsIt is crucial for traders to closely monitor the potential breakout above 97.0 to ascertain the initiation of a bullish trend.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

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