AUD/USD Price Action: Is a Major Breakout Coming?
AUD/USD Price Action: Is a Major Breakout Coming?
AUD/USD Price Action: Is a Major Breakout Coming?
AUD/USD Price Action: Is a Major Breakout Coming?
K Karthik Raja (Market Educator & Technical Analyst)
MCA | MBA | M.Com | MSc Psychology | PGJMC | CST | MDAT | CFA Pursuant
Trend Analysis:
- The price is currently trading at 0.6323, showing a strong upward move.
- Moving Averages (MA):
- MA(50) at 0.6290, MA(150) at 0.6289, and MA(200) at 0.6301—suggests a bullish crossover.
- The price has moved above these MAs, indicating a short-term uptrend.
- The relative strength index (RSI) is at 74.92, entering overbought territory.
- The commodity channel index (CCI) at 238.73, further signaling strong bullish momentum.
Upcoming Events:
Australia:
* CPI Release: Key inflation data impacting RBA policy.
* RBA Rate Decision: Possible rate cut expected due to easing inflation.
United States:
* Core PCE Index: Fed’s preferred inflation gauge, affecting USD strength.
* Consumer Confidence Index: Measures sentiment, influencing USD movement.
Trend Confirmation Indicators:
- MACD (12, 26, 9): Histogram showing positive values, indicating strong bullish momentum.
- ADX (14, 14) at 31.22 suggests a trending market, with strength increasing.
- The SAR (Parabolic Stop and Reverse) dots are below price action, further supporting the bullish trend.
Breakout Strategy (Bullish):
- Entry: If the price sustains above 0.6325 with volume confirmation.
- Target: 0.6360 - 0.6380 (previous resistance level).
- Stop-Loss: Below 0.6300, where MA support is present.
Breakdown Strategy (Bearish):
- Entry: If price breaks below 0.6300 with strong bearish momentum.
- Target: 0.6270 - 0.6250 (previous support).
- Stop-Loss: Above 0.6330 (recent high and breakout point).
Final Takeaway:
- Bullish momentum is currently strong, but RSI suggests a potential short-term pullback.
- Watch for volume confirmation before entering a trade.
- If a breakout occurs, 0.6360+ is a potential target.
- If a reversal happens, support levels at 0.6270 should be watched.
Disclaimer
This analysis is for educational and informational purposes only. It does not constitute financial advice. Always consult a professional before making investment decisions.
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