Earlier in the previous week, price action in the AUDUSD market bounced off support near the 0.6380 price mark. It appeared as if a significant upside retracement might result, but the opposite occurred. Let’s try to find out what the new week will bring to this market.
Major Price Levels:
Resistance Levels: 0.6395, 0.6450, and 0.6550
Support Levels: 0.6350, 0.6300, and 0.6250
AUDUSD Appears Too Strong
The AUDUSD daily market seems to point out that bears are maintaining a firm grip on price movements. This is displayed as price action quickly returned below the 9- and 21-day SMA curves shortly after rising above them. Nevertheless, the support level at the 0.6380 price mark remains unbroken.
Also, the ongoing session remains bearish as of the time of writing. Meanwhile, the Moving Average Convergence Divergence (MACD) lines are rising slightly upwards below the equilibrium level. Also, the last two bars of the MACD are green in appearance, though short and of equal length. This points out that buyers may be quietly gaining momentum.
Buyers in the AUDUSD May Obtain Support Above the 0.6400 Mark Shortly
It was observed on the AUDUSD daily chart that buyers may be quietly gaining upside momentum. Price activity on this 4-hour market chart seems to shed a bit more light on that observation. Since the previous session, this market has been presenting minimal profits. The ongoing session seems to be extending the trend, as another small-bodied price candle appeared just below the 9-day SMA curve.
Simultaneously, the MACD lines are approaching a crossover below the equilibrium level. Likewise, the MACD continues to hint that downward forces may be growing weaker. Nevertheless, this market may not experience large price swings, but traders may gather profit towards the 0.6420 mark in the meantime.
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