Price action in the AUDUSD market bounced off the support at 0.6489 earlier in this week’s trading activity. Likewise, today’s session has healthily advanced that move. Nevertheless, the week (today in particular) seems busy with a lot of fundamentals that may introduce more intrigue into the market from the US dollar side.
Key Price Levels:
Resistance Levels: 0.6522, 0.6600, and 0.6700
Support Levels: 0.6500, 0.6400, and 0.6300
AUDUSD Traders Look Hungry for More Gains
The AUDUSD market has started the week on a very profitable note. Everything started at the opening of the week’s trading activity when price action bounced back from previous losses. Today’s trading so far has assisted the pair to recover more of the losses seen within a short time.
The ongoing session has seen prices rise back above some of the Guppy Multiple Moving Average (GMMA) lines. However, the Moving Average Convergence Divergence (MACD) indicator lines are still below the equilibrium level, but the last bar of the indicator can now be seen appearing pale red, indicating that bears are now feeling the wrath of the bulls.
AUDUSD Upside and Downward Forces Are at Loggerheads
While price activity in the AUDUSD market has remained generally on an upside path, it could be seen that price activity may be facing headwinds at this point. The last price candle on this chart can be seen appearing above the crossing lines of the GMMA indicator. However, one could see that it has a tiny and almost centrally positioned body.
Consequently, this reveals that market forces are in a tussle. This may be due to market anticipations of impactful fundamentals, as more traders may choose to wait on the sidelines for impetus. Meanwhile, the MACD indicator lines are still rising upward, with green bars appearing above the equilibrium level. Therefore, with fundamentals still ahead, traders can still anticipate that AUDUSD may crack open the 0.6550 level by placing trades using bullish Forex signals.
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