The AUD/USD chart has gone through a bearish phase in recent times, with the price line declining steadily. However, after reaching a strong support zone, the price line has not been able to form lower lows and the descending slope has started to decrease. This is a positive sign, indicating that the bearish momentum might be losing steam. Additionally, the RSI is showing positive divergence, having ended its own bearish phase. This suggests that the price line might follow suit and enter a bullish phase in the near future. However, it is important to note that technical analysis alone cannot predict future market movements with absolute certainty, and it is always advisable to incorporate fundamental analysis and risk management strategies while making trading decisions.
• There is a resistance level at 0.68111 followed by resistance at 0.68300 and 0.69120
• There is a support level at 0.67000. Below, there is 0.66700 and 0.66260.
Note: We do not suggest any investment advice, and these analyses are just to increase the traders’ awareness but not a certain instruction for trading.
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