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Market Analysis – August 24
AUDJPY experienced a significant development in April when the sellers’ momentum was deemed exhausted, as indicated by the MACD (Moving Average Convergence and Divergence) indicator. This shift in market dynamics led to a change in the direction of the market, evident from April onwards, marked by a series of higher highs and higher lows.
Key Levels For AUDJPY
Demand Levels: 94.10, 95.80, 96.89
Resistance Levels: 92.80, 92.00, 90.20
Long-Term Trend For AUDJPY: Bearish
A bullish trendline provided guidance to the price movement until the formation of a swing high at 98.0. The MACD revealed the exhaustion of the buyers at 98.0 in July. This led to a decline in price.
Subsequent to this, a retracement phase ensued, during which the supporting trendline underwent multiple tests due to prevailing selling pressure. Ultimately, the bullish trendline succumbed to downward pressure as the price descended into the demand zone around 92.0.
Short-Term Trend For AUDJPY: Bearish
Short-Term Trend For AUDJPY: BearishAt present, the level at 92.0 is acting as a barrier against further price declines. The 4-hour chart reveals a bearish market structure, with the price currently approaching the lower boundary of the established downtrend. Anticipating several retests of the 92.0 demand level, a potential weakening of this zone is expected.
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