AUDUSD Bulls Refuse Further Downward Correction – Beragampengetahuan

The US dollar significantly weakened during last week’s trading activities, propelling the AUDUSD to breach the 0.6600 resistance and reach close to 0.6700. However, this market may still present profitable opportunities as the new week unfolds.

Key Price Levels:

Resistance Levels: 0.6673, 0.6700, and 0.6800

Support Levels: 0.6650, 0.6600, and 0.6500

AUDUSD May Shake off the Downward Rebound

In the AUDUSD daily market, it is evident that price action rebounded from the 0.6700 resistance towards the end of the week’s trading activities. While upside forces resumed on Friday, they encountered significant headwinds, resulting in price contractions observed in the thin body and long shadow of the corresponding price candle that represented the session, closing at the 0.6673 mark.

However, the pair is still trading considerably above the 21-day Moving Average (MA) line. Similarly, the Moving Average Convergence Divergence (MACD) indicator lines are steadily rising above equilibrium, suggesting potential upward corrections.

AUDUSD Maintains Its Stand Above the 21-Day MA

Price action in the AUDUSD market remains above the 21-day MA in such a short time frame. The current price candle representing the last session for this pair stands above the close of the previous bullish price candle. The MACD indicator lines are trending somewhat sideways, with pale red bars emerging below the equilibrium level, indicating weakening downward forces.

This strengthens hopes that price action may move further upwards, potentially breaking the resistance at the 0.6700 mark shortly and trading above it. However, precautions must be taken if market headwinds strengthen in the new week.

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