AUDUSD has shown a sharp recovery from the April lows near 0.59530 and is currently traded around 0.64039, testing a key resistance area. The bullish momentum remains strong, but price is entering overbought territory with Stochastic Oscillator nearing 90. A short-term correction may be expected if resistance holds.
Price action shows a strong bullish reversal from the 0.59530 support area, followed by a sustained rally of higher highs. The pair has now approached a horizontal resistance at 0.64039. Ichimoku Cloud shows bullish sentiment as price trades above the Kumo, and the Tenkan-Sen has crossed above the Kijun-Sen, reinforcing the trend.
However, the Stochastic Oscillator (5,3,3) is now at 86.06/89.99, indicating overbought conditions. This suggests that while the bullish trend remains valid, upward momentum could slow or pull back in the short term unless price breaks through resistance with strong volume.
Market Observation & Strategy Advice:
1. Resistance Level: 0.64039 – Key level to watch; if broken, could trigger further bullish continuation toward 0.6450–0.6500.
2. Current Position: 0.64039 – Price is currently testing resistance and showing signs of potential rejection.
3. Support Levels:
0.62348 – Previous flat Kijun-Sen and cloud support.
0.59530 – Strong demand zone, recent major swing low.
Market Performance:
Forex Last Price % Change
EUR/USD 1.1523 +0.09%
GBP/USD. 1.3378 +0.01%
Today’s Key Economic Calendar:
EU: Government Budget to GDP
EU: Government Debt to GDP
US: FED Jefferson Speech & FED Harker Speech
EU: Consumer Confidence Flash
Risk Disclaimer: This report is for informational purposes only and does not constitute financial advice. All investments involve risk and past performance is no guarantee of future results. Please consult your financial advisor for personalized investment advice.
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