AUD/USD Price Analysis: The market struggles again at 0,70
- AUD/USD is trading 0.21% lower on Friday.
- There is a big consolidation period between 0.7064 and 0.6775.
AUD/USD 4-hour chart
AUD/USD is in full consolidation mode at the moment. The key level now on the upside is the yellow horizontal line at 0.70. If the resistance breaks then the red high on the chart of 0.7064 could be the next target for the bulls. AUD has really been up against it at the moment. The COVID-19 cases are rising and relations with China are turning sour. This comes after the government offers citizens in Hong Kong eaier access to residency.
On the downside, the purple diagonal trendline could be a support zone. But the two main support areas are the horizontal lines at 0.69 and 0.6775. The Relative Strength Index is making a bullish failure swing. This is when the price makes a higher low wave but the Relative Strength Index makes a lower low wave. The MACD histogram is currently in the red but the signal lines are still above the mid-point which is a bullish sign.
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Additional levels
Author
Rajan Dhall, MSTA
FX Daily
Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.
