The pair has now reached the light HFT buying pressure zone that is noted at 0.6754 and below, and the price action has already reacted well here, bouncing as soon as this area was reached.
The advanced overbought/oversold indicator, developed by Team Fx Trading Revolution, also reached overbought levels and is indicating that AUDUSD is ripe for a bullish move. The Improved CCI indicator would provide the confirmation for a bullish reversal once it turns bullish.
Finally, the 0.6750 area is strong support on the AUDUSD 1-hour chart, so it is just another factor that supports a rebound here in AUDUSD. A bullish signal or pattern around current levels would provide the needed confirmation to initiate a buy trade.
The light HFT selling pressure zone to the upside, which is noted at 0.6827 and above, is the area of interest to target with long positions.
AUD/USD Current Trading Positions
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