AUD/USD has extended last week’s bullish market till today. Upside forces were only able to assist the pair in merely breaking the resistance level of 0.6863, but with the pair being able to keep attracting long orders, it appears more upside levels may be seen.
Major Price Levels:
Top Levels: 0.6916, 0.6950, 0.7000
Floor Levels: 0.6900, 0.6850, 0.6800
AUD/USD May Continue to Trade in the Green
As said earlier, price action in the AUD/USD market has continued to move upwards toward more elevated price marks. It could also be seen from the Stochastic RSI lines that the bulls still possess more upside strength, as the lines of this indicator have continued rising into the overbought zone. Additionally, the lines of the MACD indicator keep showing that the bulls are still gaining momentum. This is seen as the lines of this indicator are now rising upward, once again after a bullish crossover has been delivered. Therefore, in the meantime, the pair may keep attracting more buyers.
The AUD/USD Bullish Recovery May Be Nearing Its End
Although AUD/USD has been able to continue trading at a profit, traders need to be on the lookout for signs of weakness. On the 4-hour market, price activities have continued at a profit but with reduced volatility. Another indicator aligning with this opinion is the RSI, as its leading line is now at the highest level of oversold. However, the MACD indicator is contrary to this opinion. As can be seen, the lines of this indicator continue to rise steeply upward. Also, the histogram bars look filled and are forming above the level of 0.00 at 0.0031. The signs on the MACD portray that bullish momentum is still on. If that is the case, prices may keep rising, and the RSI line will tarry in the overbought area. As a result, the price in this market may continue to rise towards the 0.7000 level. Nonetheless, traders should approach this prediction with solid risk management measures in place.
Do you want to take your trading to the next level? Join the best platform for that here.