AUD/USD Price Upside Momentum Appears to Be Facing Exhaustion at the 0.7010 Mark

The AUD/USD has been consistently gathering profits since its price action bounced up from the Fibonacci support level of 61.80. For the most part, technical indicators are still mostly positive, but not without a hint of a potential change in price momentum.

Major Price Levels:
Top Levels: 0.7006, 0.7026, 0.7046
Floor Levels: 0.7000, 0.6980, 0.6960

AUD/USD Continues Trading in the Green

Price activities in the AUD/USD daily market have been mostly bullish, ever since the market crossed above the MA line. And even now, when we can technically anticipate that the price may reverse, it still appears as if this market may keep moving upward. The lines of the RSI keep moving upward after a crossover and are now at the 100 and 97 marks of the indicator. The MACD lines as well are moving upward beyond the equilibrium point. Meanwhile, price action in this market is still above the 9-day Moving Average line. By implication, all of the signs in this market are aligned with the opinion that price action may keep moving upward. Therefore, traders can still anticipate that the upside price move may continue.

AUD/USD Now Attracting Shot Orders Near 0.7007 Price Mark

While the AUD/USD market seems all green in the daily market, the four-hour market seems to be revealing that short order seems to be going off in this market. The last price candle above the 9-day MA is now red, and this signifies the activities of bear traders. However, the Stochastic RSI curves are still generally poised upward, but one can see that the leading line is now making a sideways bend. The activities on the RSI portray the effect of the last red candle (shot orders). The MACD indicator lines are still above the equilibrium level, but they appear to be moving sideways. The histogram bars of this indicator are still green, nevertheless, their length gives off a warning tone. Since price action remains above the MA line, traders can expect that price action may keep moving toward the 0.7020 price mark.

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