Price action in the AUDUSD market stays under the 0.6668 price mark and seems to have extended last week’s losses by a tiny margin today. On the daily chart, there are signs that price action may even extend losses today. Nevertheless, we should take a closer look for more insights.
Major Price Levels:
Resistance Levels: 0.6680, 0.6720, and 0.6770
Support Levels: 0.6660, 0.6640, and 0.6610
AUDUSD Remains Under the Cover of the 9-Day Moving Average Line
Another session has begun in the AUDUSD market, with sellers retaining the lead. Consequently, price action has been pushed downward a bit lower than in the previous session. Also, the Relative Strength Index indicator (RSI) seems positioned for a bullish crossover right in the oversold region. Consequently, this suggests that more downward retracement may occur. However, the Moving Average Convergence and Divergence (MACD) indicator seems to be telling us that downward forces aren’t that strong. Therefore, traders will have to wait on the sidelines for more confirmation about price movement.
AUDUSD Largely Continues to Consolidate After Recording Minimal Gains
Extending this analysis to the AUDUSD 4-hour market reveals that price action may be building up upside momentum. A green price candlestick has shown up as the last price candle in this market. Also, the lines of the RSI indicator are now trending upwards from the oversold area at level 20 of the indicator. In addition, although very tiny, a green histogram bar has also appeared on the MACD as well. Consequently, traders can place their trade with the hope that an upside retracement will occur towards 0.6730 mark.
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