Market Analysis – May 30
The AUDJPY market structure continues to exhibit bullish sentiment, as evidenced by the formation of higher highs and higher lows on the daily chart. The price action has been confined within a parallel channel, with the daily candles aligning toward the resistance level of 92.40.
AUDJPY Key Levels
Demand Levels: 90.60, 89.80, 89.10
Supply Levels: 91.80, 92.40, 93.00
AUDJPY Long-term Trend
In early April, the AUDJPY market experienced a market reversal, supported by the emergence of three white soldiers from the demand level of 86.80. This candlestick pattern, along with the stochastic indicator signaling seller exhaustion, contributed to an upward movement in price.
The Moving Averages with periods of 50 and 100 are currently acting as support, further bolstering the market’s ascent.
The test of the supporting trendline within the parallel channel on May 23rd resulted in a price rise. The market is now ascending toward the 92.40 supply level.
AUDJPY Short-Term Trend
On the 4-hour chart, the stochastic indicates an overbought condition. Consequently, the market is currently undergoing a retracement. The pullback appears to be a temporary pause, seeking a launch pad for a subsequent rise toward the 92.40 level.
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