AUD/USD Price Forecast: Trades higher within range, approaches open gap

AUD/USD is trading within a range on the 4-hour chart.
It looks poised to rise further and fill an open gap on the charts.

Joaquin Monfort FXStreet

AUD/USD is trading within a range encompassed by the ceiling at around 0.6540 (green line) and floor at about 0.6440 (red line). The pair is probably in a short-term sideways trend.

AUD/USD 4-hour Chart

AUD/USD is currently climbing within the range towards a gap that opened on Monday (red rectangle). Technical analysis theory says that “the market abhors a gap” so there is a good chance it will continue higher until it fills the gap, which lies between 0.6515 and 0.6524.

A break above the high of the last period at 0.6505 would provide added confirmation of a gap-fill move up to at least 0.6524.

The (blue) Moving Average Convergence Divergence (MACD) indicator looks poised to cross above its red signal line. If it completes a cross it will give a buy signal and reinforce the case for price moving higher.

Author

Joaquin Monfort

FXStreet

Joaquin Monfort is a financial writer and analyst with over 10 years experience writing about financial markets and alt data. He holds a degree in Anthropology from London University and a Diploma in Technical analysis.

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