According to the 4 Hours chart, the trumpet-shaped Bollinger Band has been growing larger, and the price has been going up, breaking through the resistance level in the upper band. Based on the large trend, the price will continue to fluctuate to go up. The RSI indicator has reached the level of 80%, representing the market has been in the overbought state. In the short term, the price of AUDUSD will be retrace and then rise to challenge the next resistance level of 0.71988 steadily. MACD on the daily chart shows a golden cross above the zero axes. Although it is a weak golden cross, it still shows that the price of AUDUSD is still on the rise.
Important resistance level above: 0.71988
Important support level below: 0.70325
This post does not provide Financial Advice for traders, its merely purpose is education, use all the information available from different Analysts and build your own strategy, trading is not for everyone, you should only trade with money you can afford to lose, past performance is not an indicator of future results.