AUDJPY Price Analysis – May 03
AUDJPY may decline to $75 level should the Bears increase their momentum and the $77 level does not hold. In case $77 level holds, the price may bounce and rally to the north.
Supply levels: $79, $82, $83
Demand levels: $77, $75, $73
AUDJPY Long-term trend: Bearish
AUDJPY is on the bearish movement on the long-term outlook. The bullish pressure that pushed the AUDJPY price from the demand level at $77 to high above $79 level could not place the price at $82. The Bulls lost the momentum along the way, and the Bears took over with the formation of evening Doji star. The price dropped back to the previous low at $77 demand level. The market closed bearish yesterday and opened today bearish to indicate that the bears are in control of AUDJPY market.
At the moment, the 21 periods EMA glued to the 50 periods EMA while trying to cross down to establish a bearish trend. Meanwhile, AUDJPY has crossed 21 periods EMA and 50 periods EMA downside and it is currently trading below the two EMAs; this indicates that the Bearish pressure is increasing. The Relative Strength Index period 14 is below 40 levels and the signal lines bending down to indicate sell signal. AUDJPY may decline to $75 level should the Bears increase their momentum and the $77 level does not hold. In case $77 level holds, the price may bounce and rally to the north.
AUDJPY medium-term Trend: Bearish
AUDJPY is bearish on the medium-term outlook. The Bears maintain their pressure on the 4-hour chart and the price decline further. The price is making lower lows steadily on the chart.
AUDJPY is trading below the 21 periods EMA and 50 periods EMA with the two EMAs bending to the south to indicate bearish strength. Meanwhile, the Relative Strength Index period 14 is at 20 levels with the signal line bending down to indicate sell signal.
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