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Market Analysis – June 20
The AUDJPY currency pair has exhibited bullish strength, breaking out of a rising wedge pattern and surging toward the significant level of 98.30 within a relatively short period of time.
The price is experiencing rapid upward movement, characterized by a steep slope on the daily chart, as it aims to breach this major resistance level.
AUDJPY Key Levels
Demand Levels: 91.580, 86.540, 85.000
Supply Levels: 94.000, 98.380, 100.000
AUDJPY Long-term Trend: Bullish
Since March, AUDJPY has been on an uptrend following a successful test of the demand level at 86.540. The price subsequently surpassed the resistance trendline on the 24-hour chart. The subsequent retest of the trendline provided additional momentum for the upward move.
The price action has formed a rising wedge pattern. In May, increased volatility was observed as indicated by the alignment of the Parabolic SAR (Stop and Reverse) indicator below the daily candles.
The consecutive bullish candles further strengthened the trend, propelling the price toward the level of 98.380, as evidenced by the Average Daily Index (ADX) indicator.
AUDJPY Short-term Trend: Bullish
On the 4-hour chart, the market structure appears to be well-defined. The bulls are clearly in control, driving the price upward without significant opposition.
The ADX (Average Daily Index) on the lower time frame surpasses the 50 mark, indicating an extremely strong bullish trend. The critical level of 98.380 is now in close proximity, posing a threat as buyers continue to approach it.
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