why should we be waiting for a descend after such move?
Construction Work Done and Wage Cost Index data were released in Australia and the US will publish New Home Sales, Crude Oil Inventories and Federal Reserve Chairman Jerome Powell will deliver a speech. All these events are expected to have important influence on the market, so in the following we are gonna have a quick look at AUD/USD possible trend reversal.
Chart Notes:
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
The support rests at 0.78570 with resistance at 0.79740 which the weekly pivot point at 0.78230 is located below the lines. 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 in the negative territory and the Stochastic is moving in high rages. 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 a horizontal trend.
Long positions are recommended towards 0.79800