Price movements in the AUDUSD market eased its upside movement during the last week. This occurred after price action had breached the 0.6650 mark. Consequently, bears have snapped, printing some moderate profit on the side of the market. With the week ahead packed with key economic events, let’s see how things may proceed for the pair.
Key Price Levels:
Resistance Levels: 0.6642, 0.6700, and 0.6800
Support Levels: 0.6600, 0.6500, and 0.6400
AUDUSD Faces Rejection as Dollar Bounces Back
The AUDUSD market has been trending upward since November 11th, starting small and growing into something significant. The downward correction seen during Thursday’s and Friday’s trading sessions isn’t new, going by price history.
Nevertheless, to that effect, the Moving Average Convergence Divergence (MACD) indicator lines are above the equilibrium level, but a slight curve can be seen in the leading line of the indicator. Yet all this can only be seen as a reflection of what is ongoing in the market. The market’s upside forces can still be regarded as having the chance of regaining control since all the printed downward correction hasn’t been able to erase the profits of the past two trading sessions.
AUDUSD May Obtain Support at the 0.6633 Mark
In the AUDUSD 4-hour market, it appears that there was a tough contest between upward and downward forces during the last session of the previous trading week. The appearance of a spinning top price candle suggests that upside forces are trying to restrain the downward correction in this market. In fact, this can also be perceived on the daily market, as the last price candle here has a much lower shadow than the upper one.
Meanwhile, this is happening just above the middle limit of the Bollinger Bands. At the same time, the MACD indicator has just delivered a bearish crossover above the equilibrium level. Consequently, this suggests that price action may threaten to visit support at the 0.6600 mark ahead of emerging fundamentals. However, economic data will play a key role in determining if this will happen or not.
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