AUDJPY Price Analysis – June 15
Last week, more bearish candles formed and the price declined towards the demand level of $73. Further increase in the Bears’ pressure may decrease the price further to the previous low level mentioned.
Supply levels: $75, $77, $79
Demand levels: $73, $70. $$66
AUDJPY Long-term trend: Bearish
AUDJPY is bearish on the long-term outlook. AUDJPY was consolidating at the $75 level last two weeks. The level held the price and the Bears could not penetrate the level. Last week, the Bears eventually gained the pressure and broke down the $75 level with strong bearish candle that closed below the level. More bearish candles formed and the price declined towards the demand level of $73.
The pair continues trading below the 21 periods EMA and 50 periods EMA with increase in the distance between the currency pair and the two EMAs; this indicates that the bearish momentum is increasing. Meanwhile, the Moving Average Convergence Divergence period 12 with its histogram is moving slowly below the zero levels and the signal lines bending down to indicate a sell signal. Further increase in the Bears’ pressure may decrease the price further to the previous low of $73.
AUDJPY medium-term Trend: Bearish
AUDJPY is bearish on the medium-term outlook. The Bears prevailed over the Bulls after the consolidation that took place at $75 level. There was a bearish break out and the AUDJPY price dropped. The currency pair is currently heading towards the demand level of $73.
The price is trading below the 21 period EMA and 50 periods EMAs are closely with good distance between the two as a bearish trend sign.
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