The next few candles are totally important
Today, the Australian dollar movement is not stable. It show a way toward a second continuous monthly gain. Being at the end of the month and due to U.S. memorial day holiday, a strong progress is probable. The next few candles are specially important and the pattern they will show is going to reveal the next move of the market.
Chart Notes:
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
The support rests at 0.77150 with resistance at 0.77340 which the Pivot Point at 0.77220 is located below the price line. The EMA of 10 is moving in bearish bias in descendant channel and it crossed EMA of 200 and below the EMA of 100. The RSI is moving around the level of 50, the MACD histogram is in negative territory and is going to generate a crossover buy signal. The Stochastic is moving in high ranges and the ADX is not showing a clear signal. The price is below the Ichimoku Cloud and the Chinkou Span is near to the market price. The Tenkan-sen is showing a downtrend momentum and the Kijun-sen is moving horizontally.
• There is resistance at 0.77340, followed by resistance at 0.77410 and 0.77530.
• There is support at 0.77150 Below, there is 0.77030 and 0.76960.
• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.