The AUDUSD daily chart has revealed that price action rebounded upwards, off support near 0.6600. As a result, price movements in this market corrected upwards considerably. Currently, price action seems ready to extend this upside move ahead of major fundamentals.
Major Price Levels:
Resistance Levels: 0.6682, 0.6700, and 0.6750
Support Levels: 0.6652, 0.6622, and 0.6600
AUDUSD Gains Ground for a Continued Upside Correction
Price action on the AUDUSD daily market has corrected to the upside, as earlier stated. However, the last price candle here now sits above the 9-day Moving Average (MA) line. In addition, the appearance of this price candle implies that long traders may gather more gains.
Bolstering bullish anticipations in this market are the activities on the Stochastic Relative Strength Index (RSI) indicator. The lines in this indicate that we have made a U-turn towards the upside. This implies that the observed upside price movement in this market is still gathering strength at the moment.
Consequently, this affirms that the upside correction may continue and probably grow into a retracement.
AUDUSD Holds on Tightly To Upside Ambitions
Moving on to the 4-hour market, it could be seen that price action maintains upside possibilities for long traders. Here, the last green price candlestick can be seen to have placed the pair above the 9- and 21-day MA lines.
Also, the Stochastic RSI indicator curves have arrived in the overbought area. This indicator had earlier indicated a decreasing upside momentum as its lines journeyed downwards and towards the 80 mark of the indicator during last week. Nevertheless, at this point, a bullish crossover has been delivered on the RSI.
Consequently, indications in the AUDUSD market clearly predict that price action may extend the price correction toward the 0.6720 mark.
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