FX.co ★ Technical Analysis of Intraday Price Movement of AUD/USD Commodity Currency Pairs, Tuesday July 09, 2024.

If we look at the 4-hour chart of the AUD.USD commodity currency pair, we can see a deviation between the AUD/USD price movement which forms a Higher High while the MACD Histogram forms a Higher Low plus the Short GMMA (blue EMA) which represents Traders has started to intersect even though it hasn't yet. completely intersect but based on these facts, in the near future AUD/USD has the potential to be corrected weakening where the Count Back Line (CBL) level @ 0.6721 will try to be tested in the near future. If this level is successfully broken, then AUD/USD can be sure to continue the correction the weakening will reach the level of 0.6690, but all of these weakening scenarios will become invalid and cancel themselves if during the correction the weakening suddenly returns to its original bias (strengthening) where AUD/USD manages to broken above the level of 0.6764.

(Disclaimer)