FX.co ★ Fxcaptain | AUD/USD

T E C H N I C A L _ A N A L Y S I S A U D / U S D My dear friends, I hope you are all doing well and working well on the forum. The current price behavior of the AUD/USD market is the topic of my article for today. So now we start our trading system . Currently, AUD/USD is trading higher than 0.5999. AUD/USD may continue to decline this week since the US dollar is still considerably strengthening . The Relative Strength Index (RSI) indicator confirms the possibility of a move down. This indicator has crossed and is pointing down. There is still a long way to go towards 20, which is the boundary of the oversold zone. After that, my prediction is that the price will pull back up to continue the bullish trend. At the same time, the moving average convergence divergence (MACD) shows that the bearish momentum has begun. While the EMA 50 and EMA 20 continue to provide negative support to the price. As soon as the price reaches the 50 exponential moving average, pay attention to how it reacts.

On this chart, there are 6 horizontal lines that mark the support and resistance areas shown below. AUD/USD found a strong resistance over the 0.6904 level. If the level is broken above the next upside target is the 2nd level of resistance which is located at 0.8006 . After that, buyers will seek a new upward trend toward the crucial $0.8599 mark which is the 3rd level of resistance. On the other hand, AUD/USD found strong support over the 0.5999 level. If the level is broken below the next downside target is the 2nd level of support which is located at 0.5511 . After that, sellers will seek a new downward trend toward the crucial $0.5000 mark which is the 3rd level of support. I would like to thank you for taking the time to read my analysis. This is something I hope will be useful to you. The indicators used in the chart: MACD indicator: RSI indicator period 14: 50-day exponential moving average color Orange: 20-day exponential moving average color Magenta: