FX.co ★ AUD/USD

Forecast of AUDUSD On the H1 and H4 time frame charts, the price of the AUDUSD has been growing since the last few candles, and in the final candle of the H4 time frame chart, the price grew powerfully as the AUDUSD made a strong bullish engulfing candle. The price is currently at the resistance level on the H4 time frame chart, but the RSI indicator shows that the price will rise further as it has not yet tested the overbought level. Since the last few trading days, the trading activities of the AUDUSD have not been good as the price is running in a limited area and is hovering along the 12 EMA line. Three weeks ago, the AUDUSD tested the stronger resistance level of 0.7232, and it also tested the overbought level on the RSI indicator, which is why the supply from bears is increasing at this trading asset.

After testing that resistance level, the AUDUSD made a small bearish Doji candle, and this candle is the main sign of the reversal of the movement, but again the AUDUSD started to move upside as the last weekly candle is bullish, and also in the current week, the price is rising. However, it seems very tough that the AUDUSD breaks the resistance level for further upside movement. There are more chances that the price will fall as further upside movement seems impossible currently, but if it successfully breaks the resistance level to the upside, then the next target of the AUDUSD would be to test the resistance levels of 0.7467 and 0.7663. I have shown a few important support levels also in the attached diagram, and these support levels would be beneficial if the price drops.