AUD/USD Price Analysis: USD strength foils the attempt to hit the recent high of 0.7064
|- AUD/USD trades 0.29% higher on Wednesday but the bulls have been foiled.
- It looked like the pair was set to attack the high of 0.7064.
AUD/USD 4-hour chart
AUD/USD was trading very well on Wednesday hitting a high of 0.7037 but now the pair has pushed under the psychological 0.70 area once again. The market is trying to push the pair below the intraday support level at the purple line but there is currently some hesitation.
Looking at the 4-hour chart below, the pair is still in an uptrend. The price has been making higher highs and higher lows after breaking out of the consolidation area. If the market is to break lower there are some key support zones the bears will need to break. 0.6919 could be a ticky point if there is to be more USD strength and below that the red support line could also be tested. There is also the 200 Simple Moving Average in the way too.
The indicators are still bullish as the Relative Strength Index trades above the 50 area. The MACD histogram is green and the signal lines are still above zero which indicates the market is still in an uptrend.
Additional levels
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