Price action in the AUDUSD market has rebounded off the technical support level at the 0.6600 mark. This seems to be due to investors adopting a cautious mood ahead of the important US PCE data. Yhe week seems packed with some other fundamentals that may introduce significant intrigue into the market. Nevertheless, let’s see what’s in it for now.
Key Price Levels:
Resistance Levels: 0.6700, 0.6800, and 0.6900
Support Levels: 0.6600, 0.6500, and 0.6400
AUDUSD Looks Well Positioned for Some Upside Move
The first session of the new week in the AUDUSD market has bounced off the psychological support level at the 0.6600 mark. The last price candle can be seen popping through the Exponential Moving Average (EMA) curve. As a result, the pair now trades above the 21-day EMA curve.
Meanwhile, the applied Stochastic Relative Strength Index (SRSI) indicator lines have delivered a crossover in the oversold region. This aligns well with the movement of the price above the EMA curve, suggesting that traders might consider bullish Forex signals at this point.
AUDUSD Market Seems Ready to Keep Marching Northwards
The AUDUSD 4-hour market can be seen trying to stay on an upward path, even though the last price candle has appeared bearish. The mentioned price candle can be seen appearing above the previous one. Also, the session continues above the EMA lines.
Meanwhile, the SRSI indicator lines can be seen converging in the overbought region, but they still retain an upward trajectory. This hints that any resulting crossover may be a bullish one. Coupled with the fact that investors are somewhat cautious in the USD market, this may assist AUDUSD in printing some profits towards the 0.6680 mark in the meantime.
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