During the previous week, the AUDUSD pair recorded some decent performance. The pair soared toward the 0.6600 resistance price level. This was largely due to better fundamentals surrounding the Australian dollar, while the USD wasn’t at its best performance. Let’s see what the new week has in store.
Key Price Levels:
Resistance Levels: 0.6600, 0.6700, and 0.6800
Support Levels: 0.6500, 0.6400, and 0.6300
AUDUSD Market Hopes for Takeoff
While the new week’s trading activity is taking off from where it ended last week, the new session has begun on an optimistic note. The current session has produced one of the most minute profits in recent times. Nevertheless, it keeps the market afloat above the Guppy Multiple Moving Average (GMMA) lines.
In general, the Stochastic Relative Strength Index (SRSI) indicator lines have an upside trajectory. However, the reduced volatility has reflected on the indicator, as the leading line of this indicator is now bent sideways off its upside track. At this point, AUDUSD price lurked near the technical resistance of 0.6600.
AUDUSD Price Action Keeps to an Upside Path
Thinned volatility persists in the AUDUSD 4-hour market. The last price candle on this chart can be seen as a tiny, dashed price candle. Nevertheless, it has appeared above the GMMA lines. Meanwhile, the SRSI indicator lines can be seen delivering a crossover while below the 50 level of the indicator.
The thinner volatility has affected the bearing of the indicator line following the crossover. Its more or less sideways trajectory points that the market needs some impetus. This will strengthen bullish convictions, thereby increasing the usability of Forex signals with targets around the 0.6650 mark.
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