During the past week, AUD/USD has significantly broken the 0.7000 mark. However, price action soon lost its upside traction, and fell rapidly in two sessions to the 0.6923 level. At this point, price action appears to still lack the courage to climb back upwards, let’s zoom in for a closer examination.
Major Price Levels:
Top Levels: 0.6923, 0.6960, 0.7000
Floor Levels: 0.6900, 0.6870, 0.6850
AUD/USD Bulls Are Trying to Regain Control
After AUD/USD prices crashed on the daily market, an attempt by upside forces to reenter this market has been weak. However, the upside attempt in this session appears more significant now than in previous sessions. This could be seen from the size of today’s price candle. Additionally, the Stochastic RSI indicator curves can be seen performing what will result in an upside crossover in the oversold zone. Meanwhile, the MACD indicator continues to show that downward forces are strong, through its histogram bars. The question of whether the price action will develop strength from here is still a dicey one, and more confirmation is needed to answer this question.
AUD/USD May Rise Toward the 0.6970 Price Level
From the current position of AUD/USD at 0.6923, price action may rise a bit but stay under 0.7000. This stated inference is drawn from technical indicators used to analyze this market. The Stochastic RSI indicator curves could be seen spiking towards the 70 levels of the indicator. Likewise, it appears as if the MACD indicator is already showing that upside momentum is already on the rise. Both technical indicators are aligning to predict that the pair’s price may receive some upside momentum in this session. Nevertheless, it appears that technical indicators are hypersensitive, and this suggests that it is likely that AUD/USD stays under the 0.7000 mark.
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