The AUDUSD market started flattening out towards the end of the previous trading week. This gave bulls a considerable amount of control in the market, thereby pushing the pair’s price closer to the 0.67000 threshold. A bit more may still be expected from this pair as trading activities progress for the new week.
Key Price Levels:
Resistance Levels: 0.6675, 0.6700, and 0.6750
Support Levels: 0.6675, 0.6625, and 0.6575
AUDUSD Buyers Seem Targeting the 0.6700 Mark
As mentioned earlier, it could be seen that price activity in the AUDUSD market went flat towards the end of the previous trading week. However, the appearance of a hammer-like price candle signaled that the downward correction had been effectively halted. Subsequently, price action rebounded upward from the support on which downward forces were halted. Consequently, this caused the pair’s price to start climbing back towards the 0.6700 mark. Also, the Stochastic Relative Strength Index (RSI) indicator that has been applied to this chart suggests that bullish momentum is on the rise in this market.
AUDUSD Faces Rejection But Maintains Good Grounds for More Price Increases
The AUDUSD 4-hour market has shown that a minimal downward correction has occurred in this market. Nevertheless, considering where the current price of the pair lies on the Bollinger Bands indicator, it could be seen that price action may continue its upward climb. The price candle for the previous session can be seen poking through the middle limit of the Bollinger Bands. However, the ongoing session has printed minimal losses but remains above the middle band of the Bollinger Bands indicator.
Simultaneously, we can see that the Stochastic RSI indicator lines still have an upward path. However, its hyperextended appearance seems to be pointing out that bulls may get exhausted soon since the lines of the indicator are climbing too fast into the overbought region at such a moderate price increase in this market. Nevertheless, traders can still hope that the correction will extend toward the $0.6700 mark as the market awaits further impetus.
Do you want to take your trading to the next level? Join the best platform for that here.
Leave a Reply