About seven trading sessions ago, the AUD/USD price action broke down the support at the 0.6653 price level. But at this point, buyers are already making some significant contributions to price behavior in this market. Let’s further examine price movements in this market.
Major Price Levels:
Top Levels: 0.6641, 0.6661, and 0.6680
Floor Levels: 0.6620, 0.6600, and 0.6580
Significant Buying in the AUD/USD Market May Strengthen Bulls
Price movements in the AUDUSD market have experienced a considerable upside retracement in just one session today. At this point, price action seems focused on reclaiming the lost ground at 0.6653, and seems just inches away from testing it. Furthermore, the Stochastic Relative Strength Index (RSI) curve has also performed an upside crossover in the oversold region. Following the recent upside retracement, the RSI lines have also started rising upwards after giving a bullish crossover. All these signs suggest that the upside retracement is still on.
AUDUSD Price Action Stays in Pursuit of the 0.6653 Price Level
Even on the 4-hour market, price movements seem to be staying focused on retracing the price mark of 0.6653. Here, it could be seen that the new session remains in favor of the bulls as the last price candle appears green. Also, price action has risen far above the middle limit of the Bollinger Bands, so an upside retracement is more likely at this point, even if a downward retracement may occur after the upper limit of the Bollinger Bands is pushed. Additionally, the Stochastic RSI curves are still moving upward above the 80 level of the indicator. Consequently, price action may retrace the 0.6670 mark soon.
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