The previous week concluded with bullish price action in the AUDUSD market. The USD failed to gain strength, allowing the pair to sustain a steady upward climb. As traders prepare for the new week, the bullish sentiment in the market may persist, barring any contradictory fundamentals arising from US Home Sales data.
Key Price Levels:
Resistance Levels: 0.6557, 0.6600, and 0.6650
Support Levels: 0.6500, 0.6450, and 0.6400
AUDUSD Price Action Continues to Rise, Hitting Technical Milestones
Trading activities in the AUDUSD market have maintained an upward trajectory on the daily chart. Additionally, trading indicators continue to align, indicating the potential for further bullish activity. The Guppy Multiple Moving Average (GMMA) curves continue to intersect, with the last price candle surpassing both the green and red lines of the indicator.
This presents a promising technical outlook, supported by the Moving Average Convergence Divergence (MACD) indicator rising toward the equilibrium level. Moreover, the latest bar of the MACD indicator appears green above the center line, signaling strengthening bullish momentum in the market and the possibility of more bullish Forex signals being triggered.
AUDUSD Market Sustains Position Above Key Support
On the 4-hour chart of the AUDUSD market, price action has exceeded the red and green GMMA lines, indicating a potential continuation of the uptrend. Although the closing price of the pair is slightly above the GMMA lines, it’s noteworthy that it closed below
Thursday’s level. However, the MACD indicator lines show significant convergence, albeit with a slight sideways orientation at the terminal end. Traders should remain focused on the 0.6600 mark while keeping an eye on US fundamentals for further guidance.
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