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AUDJPY Price Analysis – July 19
In case the Bulls prevail over the Bears, the price will rally towards the supply level of $77. Should the Bears push the price down below 21 periods EMA and $75 level, the price will find its low at the demand level of $73
Supply levels: $75, $77, $79
Demand levels: $73, $70. $$66
AUDJPY Long-term Trend: Ranging
AUDJPY continue ranging on the long-term outlook. AUDJPY remains at $75 price level consolidating. There was no significant momentum in the AUDJPY market. Both the Bears and the Bulls have lost momentum and the price remains at the same level. The price is enclosed within the two EMAs.
The 21 period EMA and 50 periods EMA are flat horizontally at the $75 price level while the EURJPY price remains trading in between the two EMAs; this indicates that consolidation is ongoing on the daily chart.
The stochastic Oscillator period 14 is below 75 levels with the signal lines showing no specific direction. In case the Bulls prevail over the Bears, the price will rally towards the supply level of $77. Should the Bears push the price down below 21 periods EMA and $75 level, the price will find its low at the demand level of $73
AUDJPY medium-term Trend: Ranging
AUDJPY is ranging on the medium-term outlook. The pair has formed a horizontal channel on the 4- hour chart. The sideways movement continues in the AUDJPY market on the 4-hour chart at the $75 price level.
The price is trading over and around the 21 periods EMA and 50 periods EMA. The stochastic Oscillator period 14 is at 75 levels with the signal lines bending down which indicates sell signal.
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