Bulls do not seem to be tired
The central bank decision regarding keeping the interest rates unchanged give bullish momentum to AUD. On the chart, the price is ascending within a bullish channel. The channel has not been broken to either side yet and is still valid.The overall look of the chart is bullish.
Chart Notes:
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
The support rests at 0.71750 with resistance at 0.73070 which the weekly pivot point at 0.72270 is located in between the lines. The EMA of 10 is moving with bearish bias in the ascendant channel and it is above the EMA of 200 and the EMA of 100. The RSI is falling towards 50 level, the MACD line is below the signal line in the negative territory and the Stochastic is showing upward momentum. The ADX is not showing any clear signals. The price is above the Ichimoku Cloud and below the Chinkou Span. The Tenkan-sen is and the Kijun-sen are both showing a horizontal trend.
Long positions are recommended towards 0.731.
• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.