During the close of last week’s trading, the AIDUSD pair faced a strong resistance level at the 0.6694 price mark. Consequently, this resulted in a minor downward correction in price movements. Despite this, long traders look favorably favored as price action seems prepared to rise through the mentioned resistance as trading activities for the week commence.
Major Price Levels:
Resistance Levels: 0.6677, 0.6700, and 0.6750
Support Levels: 0.6627, 0.6600, and 0.6550
AUDUSD Bulls Stay Favored
As earlier mentioned, price action in the AUDUSD market faced minor rejection at the 0.6694 price mark during the close of last week. However, Considering the position of the last two price candles and the Relative Strength Index (RSI) indicator on this chart, one can conclude that the market may gain more upside traction from here
Although the last two price candles were bearish ones, they can be seen to have risen past the 9-day Moving Average (MA) line. Also, the RSI lines are still rising upward and even seem to be diverging from each other.
As a result, this suggests that buyer upside in this market is quietly gaining momentum. Consequently, this may set prices on an upside path early in this week’s trading.
AUDUSD Buyers May Have Broken a Notable Level
Furthermore, the AUDUSD 4-hour market seems to be revealing that upside momentum has a fair chance of increasing further in this market. In the previous session, price movements remained between the 9- and 21-day MA lines. However, the ongoing session seems to have pushed prices above the 9-day MA line.
Consequently, this suggests that price activities may proceed towards a higher price level since bullish confidence may rise from here on out. Although it appears that volatility is weak in this market, as indicated by the closeness of the RSI lines, traders can at least expect price action to rise toward 0.6720 shortly.
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