The AUD/USD price is showing signs of further advancement, with daily chart analysis indicating a strengthening of the bullish bias. The 9-day EMA is above the 50-day EMA, signaling that recent price action is outperforming the longer-term trend.
Currently trading around 0.6750, the AUD/USD pair is following an ascending channel pattern on the daily chart, reinforcing the bullish sentiment. The 14-day RSI is below 70, suggesting bullish momentum but nearing overbought territory.
Resistance levels to watch include the seven-month high of 0.6798, with a potential move towards 0.6860 if broken. On the downside, support levels lie at 0.6700, 0.6686, and 0.6634, with a breach of the 50-day EMA weakening the bullish bias.
Analysis and Conclusion
The AUD/USD pair is currently in a bullish trend, supported by technical indicators like the EMAs and RSI. Traders should watch for a potential breakout above 0.6798 for further upside momentum, while a drop below the 50-day EMA could signal a reversal.
Understanding these technical signals can help investors make informed decisions about their AUD/USD trades, potentially maximizing profits and minimizing losses. Stay tuned for further updates on this currency pair to capitalize on market opportunities.