As soon as price movements in the AUDUSD reclaimed support above the 0.6600 price level, it quickly broke through the 0.6750 resistance. Yet the new week has brought new hopes to the pair. This is because it could see more highs during this holiday.
Key Price Levels:
Resistance Levels: 0.6763, 0.6800, and 0.6900
Support Levels: 0.6700, 0.6650, and 0.6600
AUDUSD Bulls Regain Upward Traction Following a Short Break
In the AUDUSD daily market, it can be seen that bulls have resurfaced above the resistance level at the 0.6750 mark. This seems to show the readiness of price action to trend further upward. Trading activities continue to occur above the 21-day Moving Average (MA) line.
Nevertheless, the Moving Average Convergence Divergence (MACD) indicator lines remain above the equilibrium level, while the gains printed today seem to have recouped half of the gathered profits over the previous three sessions. The bars of the MACD are still showing up above the equilibrium level. This shows that tailwinds may be ready to drive the price further upward, with assistance from favorable fundamentals.
AUDUSD Buyers Have an Early Lead
In the AUDUSD 4-hour market, headwinds are having the upper hand early in the session. Meanwhile, technical indicators are suggesting that tailwinds may stay on for a while. The corresponding price candle for the ongoing session has formed clearly above the 21-day MA line.
Although the price candle has only seen minimal profits, it can be observed that downward forces are steadily growing weaker via the MACD indicator. We can see that the lines have turned sideways. The closeness of these lines suggests that a bullish crossover may soon result. However, this strongly hinges on fundamentals, which are key to determining if the market will be driven toward the 0.6800 price mark.
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