AUD/USD Price Rallies Northward, Approaching 0.7200 Resistance

AUD/USD Prediction – December 13
Over a couple of trading sessions, the AUD/USD price rallies northward, approaching the 0.7200 resistance line. The currency pair market’s percentage rate is about 0.02, representing a smaller figure to trade around 0.7169.

AUD/USD Market
Key Levels:
Resistance levels: 0.7200, 0.7300, 0.7400
Support levels: 0.7000, 0.6900, 0.6800

AUD/USD – Daily Chart
The AUD/USD daily chart shows that the currency pair price rallies northward, approaching 0.7200 resistance level after a long push to the south direction. There have been bullish candlesticks, signifying a notable rebounding motion near the smaller SMA trend line. The 50-day SMA indicator is above the 14-day SMA indicator as the bearish trend line drew to mark the current area of trading resistance near beneath the value-line mentioned above. The Stochastic Oscillators are in the overbought region with closed lines within. That indicates that the market is pausing before taking to the next direction.
Will the AUD/USD market push more for recoveries as the currency pair price rallies northward, approaching 0.7200 resistance?
There have been firm indications that the AUD/USD market has again built up a threshold to push for more ups, having been able to set a rebounding motion from around 0.7000 as the currency pair price rallies northward, approaching 0.72000 resistance level. There may soon be a re-occurrence of a slow and steady moving style to push the market into a bullish outlook. Meanwhile, the resistance value-line needed to breach northward forcefully to achieve the presumed upsides.

On the downside of the technical analysis, the AUD/USD market sellers now have to intensify efforts beneath or around the 0.7200 resistance. A bearish candlestick has to form in the market against some preceding bullish candlesticks around 0.7200 and 0.7100 to signal a sell order. Despite the current reading of the Stochastic Oscillators, suggesting an overbought region, traders have to exercise caution at this point while exerting a position order.

Summarily, going by the reading of the Stochastic Oscillators, traders needed to be wary of exerting a position. But, likely, the AUD/USD market pair will still surge higher for more valuation in the subsequent trading operations.
AUD/USD 4-hour Chart
The AUD/USD medium-term chart reveals that the currency pair price rallies into establishing a bullish trend outlook. The bullish channel trend lines drew to ascertain the path the market maintains to the upside. The 50-day SMA indicator is above the 14-day SMA indicator. The Stochastic Oscillators have moved northbound from the oversold region to cross the lines around the range at40. That raises suggestions that the market may witness smaller reversals to allow price to gather more catalyst to push northward afterward.


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