AUD/USD has started the new week with a win, which seemingly appears to be the aftermath of a dovish Fed. This is because the Fed’s rate turned out as expected. At this point, the pair has posted moderate gains. Let’s see how things may develop shortly in this market.
Key Price Levels:
Resistance Levels: 0.6541, 0.6600, and 0.6700
Support Levels: 0.6500, 0.6400, and 0.6300
AUD/USD Regains Control
The AUD/USD has posted a moderate upside rebound early into the week’s trading. This happened after the Bears had a winning streak during the previous week. The ongoing session has seen prices correct downward after popping through a psychological price level at the 0.6550 mark.
This is revealed by the upper shadow of the last price candle. Price activity remains under the 21-day Moving Average (MA) curve. Consequently, this suggests that downward forces may resurge. On the contrary, the Moving Average Convergence Divergence (MACD) indicator lines have converged for an upside crossover. Consequently, the MACD appears to be suggesting that more upside moves may be seen in this market.
AUD/USD Bulls Are Setting Targets at Higher Marks
The AUD/USD market in a 4-hour time frame has clearly portrayed what’s developing in the market. It could be seen that the suspicion of continued upside traction has been unfolding. A new session has begun with price movement having an upside focus. The last price candle here has placed the pair’s price just above the 21-day MA line.
Meanwhile, the MACD has clearly delivered a bullish crossover, and the indicator lines are rising steadily upward. Also, the bars of the indicator are appearing green above the centerline. This effectively points out that upside forces are steadily rising. Therefore, price action may advance towards 0.6580 in the meantime. However, traders can keep tabs on Powell’s speech so they can develop or utilize forex signals in a more profitable way.
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