Trading activities on the AUD/USD market seem to have started on a fair note. This could be seen as the pair is recovering from last Friday’s sell-off. Also, trading indicators are still giving off interesting signs, let’s take a closer look.
Major Price Levels:
Top Levels: 0.67136, 0.67200, 0.67250
Floor Levels: 0.67100, 0.67050, 0.67000
AUD/USD May Submerge the Fib Level of 61.80
With the aid of the last bullish candle on the AUD/USD daily market, the price took a more significant move to the upside. As a result, price has moved more in this session than it has in the past five trading sessions. The Stochastic RSI indicator curves has given a crossover deep in the oversold region, and are now moving upward. Additionally, the MACD curves, while above the equilibrium point, are now indicating a possible bullish crossover. This inference is drawn as the MACD’s last red histogram bar now has a pale appearance. Nevertheless, it is important to note that the price action lies below the middle limit of the Bollinger band. However, going by the signs coming from the majority of trading indicators, price action may move further upward.
AUD/USD Upside Ambition Looks Fairly Secure
Price action on the AUD/USD 4-hour market appears to have settled above a strong support. The green price candle from the previous trading session sits on the Moving Average line. However, the pair seems to have recorded a bit of selling in the ongoing session due to the appearance of the last bearish candle. Yet, trading activities are still happening above the MA line of the Bollinger Band. Also, the RSI indicator curves are now moving towards the overbought region, with its lines around the 50 level. Furthermore, the MACD lines as well are now moving toward the equilibrium level from below it. Activities on trading indicators appear to align with the prediction of a further increase in price towards the 0.67428 mark, and above the Fibonacci level of 61.80.
Do you want to take your trading to the next level? Join the best platform for that here.