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AUDJPY Price Analysis – August 16
A successful AUDJPY break and retest strategy would move the price to higher levels. The market had also executed this strategy when it was falling off the 82.900 price level. Price had been knocking down on this level for 95 trading days before the market fell, eventually on the 7th of July 2021. AUDJPY descended into a downward channel after executing a successful break and retest strategy below the 82.900 critical level.
AUDJPY Key Levels
Resistance Levels: 82.900, 81.500, 80.760
Support Levels: 79.800, 79.250, 78.200
AUDJPY Long Term Trend: Bullish
AUDJPY Long Term Trend: BullishThe market began descending steadily down a channel since its successful break and retest strategy. This downtrend continued till the beginning of August, when things began to take a different turn. Bulls cunningly phased the market out of the downtrend channel using the 80.760 support level on the 5th of August. Bears halted AUDJPY’s premature climb immediately at 81.500. Hence the price has now pulled back to carry out another break and retest strategy to surge upwards.
The retracement began on the 12th of August, and price has been longing to retest the channel’s upper border. A powerful confluence of the upper border and the 79.800 significant support await the market. The Elders Force Index has taken a slight plunge below the zero mark to reflect current market retracement. Not plunging very intensely at this point shows that a significant volume of buyers is still upholding the market.
AUDJPY Short Term Trend: Bearish
AUDJPY Short Term Trend: BearishFalling from the 80.760 key level, there has been much intensity shown by a line-up of 6 bearish candles on the 4-hour chart. The MACD (Moving Average Convergence Divergence) shows strong and increasing bearish bars to reflect that intensity. The market is now driving towards the confluence zone. If the price drops with its current bearish intensity on the confluence, the market will proportionally spring up very high.
Bears could yet exploit the current bearish intensity of the market to break through a weakness and plunge back to the descending channel. But aside from this, price should retest the confluence and spring higher. The key level is in sight is 82.900.
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