Price line slop is reducing, what's the next move?
Wage Cost Inde and Westpac Consumer Sentiment were published in Australia and today there will be Federal Reserve Chairman Jerome Powell Talk. Thats why CapitalCore Ltd decided to have a quick analyze AUD/USD chart. The slop of up trend is declining for now, but does it mean the up trend is close to its end or is it just a short correction phase?
Chart Notes:
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
The support rests at 0.64300 with resistance at 0.65140 which the weekly pivot point at 0.64840 is located in between the lines. The EMA of 10 is moving with bearish bias in the ascendant channel and it is above the EMA of 200 and the EMA of 100. The RSI is moving on 50 level, the MACD line is below the signal line in the negative territory and the Stochastic is showing downward momentum. The ADX is not showing any clear signals. The price is in the Ichimoku Cloud and above the Chinkou Span. The Tenkan-sen is showing a horizontal trend while the Kijun-sen is showing an upward trend.
Long positions are recommended towards 0.65500.
• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.