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29.04.2024 11:52 AM
If we look at the 4-hour chart of the AUD/USD commodity currency pair, you will see 2 things: firstly, the price is moving stronger and higher in a channel that is swooping upwards, which indicates that buyers are dominating, which is also confirmed by the MA 20 which is intersecting. Golden Cross with its second 50 MA, the appearance of a deviation pattern between price movements and the Stochastic Oscillator indicator, which indicates that there will be a potential for a weakening correction in the near future based on these two things, so in the near future AUD/USD has the potential to be corrected to weaken down first to test level 0.6528 and as long as this weakening correction does not breaks below level 0.6486, AUD/USD will appreciate again and rise to level 0.6647.
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*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
