AUD/USD witnessed some selling during the Asian trading session. Nevertheless, it appears as if the general upside trend may still be on. Consequently, the incurred losses may be recouped in the coming trading sessions.
Major price Levels:
Resistance: $0.6800 $0.6900, $0.6950
Support: $0.6777, $0.6650, $0.6600
AUD/USD Trades in an Upward Sloping Channel
Price activities in the AUD/USD market have been in an overall upside trend in recent times. Although price action has spiked at some points more than others, price activities have spent significant time above the Moving Average curve. The latest price candle that represents the ongoing session reveals that some shot orders were executed in this market. However, the lines on the MACD indicator remain beyond the equilibrium point. Additionally, these lines are now moving sideways, and they have moved closer than before – to indicate the moderate selling that has occurred. So, since price action is still above the MA line, and the MACD lines haven’t indicated a decisive downtrend, traders can still stay optimistic in this market, as the upward-sloping price channel is more likely to be maintained.
AUD/USD Takes a Rebound off a Notable Support
Price activity in the AUD/USD 4-hour market can be observed to be taking a rebound of the Moving Average curve at $0.6775. Consequently, this increases the possibility of the price maintaining its activities in the upside area. Furthermore, the lines of the MACD indicator are now above the 0.00 level to portray the recent overall price activities on the upside. Nevertheless, it is imperative to note that the terminals of these lines seem closer to each other. Consequently, more buyers are needed to further push price action toward the price mark of $0.6819. In the longer term, traders can still expect price activities to move towards the $0.7000 price level.
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