The US dollar has weakened due to recent economic fundamentals, as the majority of those introduced in the previous week failed to stimulate the currency. In contrast, this has created an opportunity for AUDUSD bulls to make advancements toward higher levels. Consequently, buyers in this market maintain a favorable position pending the arrival of any contrasting stimuli.
Key Price Levels:
Resistance Levels: 0.6481, 0.6600, and 0.6700
Support Levels: 0.6400, 0.6300, and 0.6200
AUDUSD Is Poised to Challenge the 0.6500 Mark
Analysis of the AUDUSD daily market indicates significant price increase, with the pair briefly surpassing the resistance at the 0.6490 mark. However, a subsequent rejection occurred, bringing the price back below the mentioned resistance. Nevertheless, the pair continues to trade above the 0.6410 mark, maintaining focus on the 0.6500 price level.
Price activities persist above the middle limit of the Bollinger Bands, and a bullish crossover is observed on the Relative Strength Index (RSI) indicator. These technical indicators suggest the potential for increased momentum in the market toward nearby resistance levels.
AUDUSD Sustains a Positive Outlook
Even in the AUDUSD 4-hour market, indications point towards a significant price increase. The Bollinger Bands continue to narrow, and price action has penetrated the middle limit of the Bollinger Bands. Concurrently, the RSI lines are trending upwards following a bullish crossover in the oversold region.
Consequently, this market exhibits the technical potential for a substantial upside movement, potentially reaching the 0.6550 mark. However, traders should stay vigilant about fundamental developments on the dollar side, as these factors can influence price movements in this market.
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