AUD/USD has lacked major direction for some time now, as its price action remained under a strong support level. However, over the past two trading sessions, the pair has been gathering minimal profits. And now price action is testing the 0.6761. Will price action break up this level? Let’s further study this market to know.
Major Price Levels:
Top Levels: 1.3600, 1.3630, and 1.3660
Floor Levels: 1.3582, 1.3552, and 1.3522
AUD/USD Price Is Testing the Resistance Level 0.6761
Price action in the AUD/USD market has been recording minimal gains since the last trading session. However, the price upside move in this session seems to have met with some headwinds. This could be observed as the size of the price candle for the ongoing session seems smaller than the previous one. Nevertheless, the RSI indicator keeps indicating that the upside momentum is rising. This could be observed as the lines of this indicator continue to reach upward and towards the 70 mark. Consequently, traders can anticipate that price action in the market will keep gaining upside traction.
AUDUSD Price Action Seems Unaffected by Headwind
Technical indicators in the AUD/USD 4-hour market appear to be telling that price movement stays on course and is unaffected by headwinds. Although, price action has crossed above the EMA lines here, it could be seen that the price has retraced downward in this session. This is occurring after price activity has tested the resistance at 0.6770. Meanwhile, the RSI lines here as well keep trending upward, indicating that price action is gathering momentum. It could be perceived that the RSI lines on the daily and 4-hour markets appear to be indicating the same thing. Therefore, traders can anticipate that price action will break the resistance of 0.6770 to reach near 0.6830.
Do you want to take your trading to the next level? Join the best platform for that here.
Leave a Reply