AUD/USD Price Analysis: Trading at the top of a range

📆 4/10/2024 2:25 PM

AUDUSD News

Technical Analysis

📆 4/10/2024 2:25 PM
📰 FXStreetNews

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AUD/USD is trading in the 0.6620s on Wednesday, ahead of key US data.

AUD/USD has entered into a sideways range on the short-term charts. The pair has just formed a bearish candlestick at the range highs and is looking poised to weaken. A move back down is possible towards the range lows at 0.6420. The pair has entered a sideways trend on the 4-hour chart which is used to assess the direction of the short-term trend. AUD/USD 4-hour Chart At the beginning of April price touched the bottom of the range low at 0.6480 and bounced.

Given AUD/USD has been rejected at the range high and formed a bearish candlestick pattern at the same time, there is a risk of a reversal, and the price starting to move back down towards the range lows again, continuing the sideways trend. Both the Moving Average Convergence Divergence and Relative Strength Index momentum indicators are showing bearish divergence at the April 4 and April 9 peaks.

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