The ascending channel is still valid
Australia has released Wage Price Index and the US will publish FOMC Minutes and API Crude Oil Stock Change. On the price chart, after a sharp decline, the price is growing through 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 0.71440 with resistance at 0.71730 which both lines are above the weekly pivot point at 0.71140. The EMA of 10 is moving with bullish bias in the ascendant channel and it is below the EMA of 200 and the EMA of 100. The RSI is falling towards 50 level, the MACD line is above the signal line in the positive territory and the Stochastic is moving in high ranges. The ADX is not showing any clear signals. The price is above the Ichimoku Cloud and below the Chinkou Span. The Tenkan-sen and the Kijun-sen are both showing an upward trend.
While considering pullbacks on the way, AUDUSD may grow towards 0.71900.
• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.