The AUD/USD market started the week’s trading activities on an impressive note. However, it could be perceived that today’s trading session has witnessed some selling, which has incurred minimal losses yet. Nevertheless, trading indicators are still positive about further price increases in this market.
Major Price Levels:
Top Levels: 0.6820, 0.6860, 0.6900
Floor Levels: 0.6806, 0.6780, 0.6740
The AUD/USD Price May Resume Its Upside Trajectory Near the Fib Level of 61.80
The price action on the AUD/USD daily market seems to have started the year’s trading with moderate profit. Consequently, this profit appears to have caused the price action to find support at two but close important levels. The price candle, which represents the first session for the week, seems to have found support above the moving average line at 0.6744. At the same time, this price candle also appears to have found support above the Fib level of 61.80. Despite the recent minor losses in this market, trading indicators are indicating that upside momentum is on the rise. The RSI curves can be seen rising sharply upwards, while the MACD has just given a bullish crossover. However, should market bears continue to gain the upper hand, traders can still anticipate a reversal or retracement near the Fibonacci level or Moving Average line.
AUD/USD Downward Retracement Is Progressing
Price activities on the AUD/USD market over the past two trading sessions on the 4-hour market have been progressing downwards. The ongoing training session has remained under the control of sellers, which has brought the price down to 0.6807. Furthermore, trading indicators are now more positive about a further downward retracement in the AUD/USD price. The Stochastic RSI indicator has performed a bearish crossover in the overbought area, while the MACD indicator is now showing a reduction in upside momentum. Technically, these two indicators are aligning to predict that the price may fall lower. However, traders can be hopeful of a reversal at the mentioned Fibonacci level or near the MA line at 0.6744.
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