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AUDJPY Analysis – October 3rd
AUDJPY sellers seek long-term projections as traders are positioned for more selling moments. The sellers have been making a substantial movement downward as selling pressure is still causing a major spill in price in the current phase. There has been a consistent sell trend back into the consolidation zone following a bullish break beyond the 95.8440 key level. The bull traders made their attempt to ride up north following this outbreak. However, their bullish run was eventually dissolved before it even began to progress further on the currency pair.
AUDJPY Key Zones
Resistance Zones: 95.8440, 91.8300
Support Zones: 87.2700, 81.8910
AUDJPY Long-Term Trend: Bullish
Since the buyers failed to make a rally beyond the 95.8440 key zone, a sell revolution emerged as the price began to drop lower. At the edge of the key zone of 95.8440, the Moving Averages indicator of days 9 and 21 gave a solid cross, which indicates a solid cross-section as sellers are now holding prices momentarily. As the sell traders began to ride lower last week inside the consolidation zone, the buy traders are causing a hold-up currently before more impact can be felt on the AUDJPY currency pair. The moving average of days 9 and 21 is still expanding despite the selling hindrance down beyond the 91.8300 key zone.
The daily chart shows buyers holding ground as the Stochastic Oscillator is oversold. As a result, buyers will continue to cause delays before selling their project at a loss. However, the line is the Moving Average Convergence & Divergence indicator shows selling conversion downward as the line is below the middle. Therefore, this shows that the sellers still have the upper hand in the market as more displacement is yet to be seen beyond the 91.8300 key zone.
AUDJPY Short-Term Trend: Bearish
The buyers are causing a ride back on the 4hr chart as more displacement is yet to be seen. The MACD indicator still shows selling continuity as the trading pair progresses.
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