AUDUSD: Market Overview and How to Trade
The price bounced from the resistance zone formed by SMA200, 0.69300, and 0.69000 resistance levels.
RSI and a reversal candlestick pattern confirm the price reversal. The same goes about MACD histogram, which also supports a possible downward movement. Higher highs and higher lows tell us about an uptrend based on the daily chart. Now it looks like the market is ready to correct the previous upward movement. We can use this correction for selling. For this, we should search for sell opportunities using hourly timeframes.
If the price reaches the uptrend line, reversal signals from this zone will be good for buying.
RSI and a reversal candlestick pattern confirm the price reversal. The same goes about MACD histogram, which also supports a possible downward movement. Higher highs and higher lows tell us about an uptrend based on the daily chart. Now it looks like the market is ready to correct the previous upward movement. We can use this correction for selling. For this, we should search for sell opportunities using hourly timeframes.
If the price reaches the uptrend line, reversal signals from this zone will be good for buying.
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