Bears in the AUDUSD market have chased prices below the 0.6740 price mark. As a result, the pair now trades below the mentioned price mark but may gain the courage to surpass its refuge mark as trading activities for the week commence. Let’s examine that, shall we?
Major Price Levels:
Resistance Levels: 0.6729, 0.6780, and 0.6830
Support Levels: 0.6700, 0.6650, and 0.6600
AUDUSD Bulls Are Catching Their Breath Under the Fibonacci Level 50
Trading activities for the week have started, with price action in the AUDUSD market recovering below the 0.6750 price mark. This is happening after the previous week’s trading incurred considerable losses for the pair. Price action had stopped along the way, but headwinds in this market seem too strong to be abated very easily.
At this point, it appears that price action has mounted another resistance. Technically, this resistance still doesn’t have the basis for gathering upside momentum at this point. This is because the last green price candle stands below the middle band of the Bollinger Bands. Also, the lines of the Stochastic Relative Strength Index (RSI) are still generally moving toward the oversold area, with very few alterations in the direction of the leading line. This suggests that price action is still Bearishly biased.
AUDUSD Eyes the 0.6737 For Upside Traction
Coming to the AUDUSD 4-hour market, it could be seen that price action is largely consolidating at this point. However, the last price candle appears to be suggesting that price action is preparing to surpass 0.6737. Technically, this is understandable since surpassing the middle limit of the Bollinger Bands may increase buying confidence.
Additionally, the Stochastic RSI indicator lines are rising into the overbought region at such small price movements in the 4-hour market. Nevertheless, this seems to indicate that the aforementioned inference can be achieved. Therefore, this implies that traders can anticipate early gains toward the 0.6780 mark.
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