Market Analysis – January 1
AUDJPY experienced a bullish surge at the test of the bullish order block of 95.5780. However, the bulls’ recovery has hit a stumbling block, as the price has found difficulty pushing through the very next resistance level of 98.3340.
AUDJPY Key Levels
Demand Levels: 95.5780, 93.8740, 92.0845
Supply Levels: 98.3340, 99.7410, 101.6010
AUDJPY Long-term trend: Ranging
AUDJPY experienced consolidation below the key level of 101.6010. This was due to the resistance posed by the bearish order block of 101.6010. The sellers were dominant, leading to the decline in price to the demand level of 95.5780. Just like the sellers posed resistance at 101.6010, the Bulls also played the defence role at 95.5780 with the aid of the bullish order block.
Upon reaching the bullish order-block of 95.5780, the Relative Strength Index (RSI) revealed an oversold market. This aided a quick deflection away from the demand zone. Following the takeoff, the price has hit another key level of 98.3340, where the price has stalled.
AUDJPY Long-term trend: Ranging
The market price action shows there is no complete dominance on either market participant. This is the reason a prominent trend is missing. The price is affected by almost every resistance and support. While the market is still tradeable with forex signals, this is not the best trading condition. A one-sided market is easy to predict for directional bias. In the 4-hour time frame, the price has fallen below the Moving Averages of 30 and 50 to reveal the effect of the resistance at 99.3340.
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