Price action in the AUDUSD market has been consolidating just below the 0.6600 price level. However, the previous week favored AUDUSD bulls, thanks to the lack of notable impetus. This pair has the potential to clinch more profits as the US side of the market continues to lack a major push.
Key Price Levels:
Resistance Levels: 0.6600, 0.6700, and 0.6800
Support Levels: 0.6500, 0.6400, and 0.6300
AUDUSD Prints Minimal Profits
Price activity in the AUDUSD market has consolidated for a while near the 0.6600 price ceiling, as mentioned earlier on the daily price chart. The previous week gave the AUDUSD the chance to print minor profits in an advantageous position.
Price action can be seen above all the Guppy Multiple Moving Average lines (GMMA), revealing the possibility of buyers extending upside profits. Meanwhile, the Stochastic Relative Strength Index (SRSI) lines have a downward trajectory after failing to initiate a bullish crossover. Nevertheless, the appearance of a green price candle for the closing session suggests that upside forces may have some fighting chances.
AUDUSD Market Participants May Turn to the National Australian Bank Business Confidence for a Push
AUDUSD has only capitalized on the lackluster performance of the US dollar so far. While that seems not to be enough to rake in significant profits, perhaps more impetus may be supplied to the market from elsewhere. The pair continues to trade above the GMMA lines as we head into the new week.
Likewise, the SRSI indicator lines are now heading upwards. Also, at this point, it could be seen that the market keeps closing in on the 0.6600 barrier. Additionally, the US side of the market lacks economic data in the meantime, and with the National Australian Bank Business Confidence on the way, upside forces may capitalize on this to print profits toward the 0.6640 mark. This suggests that bullish Forex signals may be useful at this point.
Do you want to take your trading to the next level? Join the best platform for that here.
Leave a Reply