The next ascending leg looks close
AUD/USD price has been moving within a bullish channel since 8th of July 2022. The price line was able to ascend to almost 6.7% until 11th of August 2022, when the price line started a descending leg, heading to the bottom line of the bullish channel; the price on this pair is now highly potential of taking another bullish step.
Chart Notes:
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
The price line on AUD/USD price chart is indicating 0.70313 at the moment; the current position of the price line is located just above an important support level at 0.698 – 0.7. This support zone is indicated as a light red zone on the chart. RSI is showing almost 45 but is still on a bullish trend. Ichimoku Cloud is currently green and has formed a flat surface just below the red support zone. Traders can be waiting for the price line to have another retest of the bottom line of the ascending channel, there they can enter long positions heading to 0.71250; the next target for the upcoming bullish wave could be considered on 0.72495. Please consider that in case the price line breaks below the channel, the chance for a bullish wave to occur would highly decrease.
• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.