The AUDUSD pair has started the week on a bullish note. This is happening after the bulls were able to defeat the resistance at the 0.6600 mark. Trading activities for the week have also started with a continuous upside retracement towards higher marks, while the US awaits catalysts that may assist it in regaining some momentum.
Key Price Levels:
Resistance Levels: 0.6640, 0.6700, and 0.6750
Support Levels: 0.6600, 0.6550, and 0.6500
AUDUSD Maintains Upside Focus Above the 0.6600 Mark
Price action in the AUDUSD market has continued to rise. Yet, it appears that more upside moves may be seen as the US dollar continues to stay weak. The corresponding price candle for the ongoing session continues to hug the uppermost band of the Bollinger Bands indicator. Price movement has shown that this market has an upside path as it refuses to rebound off the ceiling of the Bollinger Bands.
Likewise, the Moving Average Convergence Divergence Indicator (MACD) has crossed the equilibrium level. The bars of the MACD retain a vivid green appearance, which suggests that upside momentum is still strong in this market, and traders can still continue the use of bullish Forex signals.
The AUDUSD Market May Be Preparing for a Big Upside Move
In the AUDUSD’s 4-hour market, we can see that price behavior is raising some positive suspicions. This is seen as price action has just crossed above the middle limit of the Bollinger Bands, while the upper and lower limits are now contracting. Such behavior of the MACD suggests that the market is about to move significantly in one direction.
At this point, upside forces are likely to win the favor considering the fact that the last price candle on this chart has placed the market above the Bollinger Bands MA. Also, the last MACD bar here is now pale red in appearance. This further supports bullish anticipations in this market. Therefore, traders can speculate that the market will rise towards the 0.6700 level. However, they should keep tabs on fundamentals from the USD side.
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