The AUDUSD market closed last week on a positive note after sustaining heavy price contractions. Nevertheless, the market remains in a positive mood. This seems to brighten hopes of a possible continuation as the forex market reopens.
Key Price Levels:
Resistance Levels: 0.3850, 0.3950, and 0.4050
Support Levels: 0.3800, 0.3700, and 0.3600
AUDUSD May Climb Towards the 0.6500 Mark
With price action still above the 0.6400 baseline, the AUDUSD market maintains the potential to rise higher. This may occur ahead of US Pre-Market Open data due to roll out later this week. Be that as it may, the last price candle has kept the pair trading above the last two Guppy Multiple Moving Average (GMMA) lines.
At the same time, the Stochastic Relative Strength Index (SRSI) indicator can be seen turning sideways around the 40 level of the indicator. This seems to have been the consequence of the heavy contractions that were experienced during Friday’s session. However, since the indicator hasn’t delivered a crossover yet, this suggests that a continuation may still occur.
AUDUSD Has an Upside Trajectory
Considering the behavior of AUDUSD price action in the closing hours of the previous week in a 4-hour market, one can perceive that the market has an upside trajectory. The market seems quite volatile towards the last four. However, the volatility was heavily utilized by short traders.
This resulted in the market contracting below most red GMMA lines. Nevertheless, the session withheld some of the profits. Meanwhile, the SRSI indicator lines are still projected upward. Interestingly, despite the contraction, these SRSI indicator lines remain projected sharply upwards. Consequently, this suggests that the market may continue towards $0.6500. This makes the use of Forex signals with target around that mark still usable in this market
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