Created
: 2024.08.20
2024.08.20 21:22
AUD/USD has established a sequence of rising peaks and troughs on the 4-hour chart since it recovered from the August 5 lows. The sequence of higher highs and lows is indicative of a short-term uptrend, which given "the trend is your friend" is biased to continue.
The pair has stalled over the last few periods and started to trade sideways in the 0.6730s. A close above 0.6740, however, would probably indicate the start of a continuation higher.
Further resistance lies at 0.6760 followed by 0.6799, the July 11 high.
The Relative Strength Index (RSI) is in overbought territory, increasing the chances of a pull back. For confirmation of a correction in price, however, the RSI would have to exit overbought and re-enter neutral territory.
Despite the overbought RSI, AUD/USD could still go higher, although long holders are not advised to add to their existing positions whilst RSI remains above 70.
Created
: 2024.08.20
Last updated
: 2024.08.20
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