Ascending channel is still valid
There are no major economic reports in Australia therefore AUDUSD will be chiefly under the influence of reports in the US such as Consumer Price Index and Consumer Price Index Core. On the chart, price line has formed a bullish channel, the channel has not been broken to either sides yet.
Chart Notes:
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
The support rests at 0.62900 with resistance at 0.63890 which both lines are above the weekly pivot point at 0.60630. The EMA of 10 is moving with bullish bias in the ascendant channel and it is above the EMA of 200 and the EMA of 100. The RSI is moving in overbought area, the MACD line is above the signal line in the positive territory and the Stochastic is moving in high ranges. The ADX is showing buy signal. The price is above the Ichimoku Cloud and the Chinkou Span. The Tenkan-sen and the Kijun-sen are both showing an upward trend.
Long positions are recommended towards 0.64700.
• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.