Technical Analysis for AUD/USD on a H2
1. Current Trend: The AUD/USD pair is currently exhibiting a slight uptrend on the 2-hour chart. Trendlines: A trendline can be drawn from the recent lows of 0.6700 to the higher lows of 0.6750, indicating an upward trend.
2. Immediate Support: The nearest support level is at 0.6750, which has been tested multiple times recently.
Immediate Resistance: The nearest resistance level is at 0.6800, a psychological level that the price is currently testing.
Secondary Support: Another support level can be identified at 0.6700.
Secondary Resistance: A higher resistance level is at 0.6850.
3. Moving Averages
50-period SMA (Simple Moving Average): The 50-period SMA is currently below the price, around 0.6760, indicating support and confirming the uptrend.
200-period SMA: The 200-period SMA is further below, around 0.6720, acting as a long-term support.
Indicators
Relative Strength Index (RSI): The RSI is currently around 60, which is in bullish territory but not overbought, suggesting there is still room for upward movement.
MACD (Moving Average Convergence Divergence): The MACD line is above the signal line, indicating bullish momentum. The histogram also shows positive bars, confirming the uptrend.
Candlestick Patterns
Recent Candles: The recent candles show higher highs and higher lows, reinforcing the uptrend. There was a bullish engulfing pattern formed two sessions ago, which adds to the bullish sentiment.
Volume Analysis
Volume Trends: The trading volume has been slightly increasing during the upward movements, suggesting that the uptrend is backed by sufficient buying interest.
Fibonacci Retracement Levels
Recent Swing High to Low: Applying Fibonacci retracement from the recent swing high of 0.6850 to the swing low of 0.6700:
Conclusion and Trading Strategy
The AUD/USD pair on the 2-hour chart is showing a bullish trend supported by various technical indicators and analysis. Key points to consider:
Buy on Dips: Given the uptrend, look for buying opportunities on dips around the support levels of 0.6750 and 0.6700.
Target Levels: The immediate target is 0.6800, followed by 0.6850 if the price breaks above the immediate resistance.
Stop Loss: A stop loss should be placed just below the support level of 0.6700 to manage risk.
Risk Management
Ensure to use proper risk management strategies by not risking more than 1-2% of your trading capital on a single trade.
Monitor the RSI for overbought conditions to avoid entering at the top.
2. Immediate Support: The nearest support level is at 0.6750, which has been tested multiple times recently.
Immediate Resistance: The nearest resistance level is at 0.6800, a psychological level that the price is currently testing.
Secondary Support: Another support level can be identified at 0.6700.
Secondary Resistance: A higher resistance level is at 0.6850.
3. Moving Averages
50-period SMA (Simple Moving Average): The 50-period SMA is currently below the price, around 0.6760, indicating support and confirming the uptrend.
200-period SMA: The 200-period SMA is further below, around 0.6720, acting as a long-term support.
Indicators
Relative Strength Index (RSI): The RSI is currently around 60, which is in bullish territory but not overbought, suggesting there is still room for upward movement.
MACD (Moving Average Convergence Divergence): The MACD line is above the signal line, indicating bullish momentum. The histogram also shows positive bars, confirming the uptrend.
Candlestick Patterns
Recent Candles: The recent candles show higher highs and higher lows, reinforcing the uptrend. There was a bullish engulfing pattern formed two sessions ago, which adds to the bullish sentiment.
Volume Analysis
Volume Trends: The trading volume has been slightly increasing during the upward movements, suggesting that the uptrend is backed by sufficient buying interest.
Fibonacci Retracement Levels
Recent Swing High to Low: Applying Fibonacci retracement from the recent swing high of 0.6850 to the swing low of 0.6700:
- 38.2% Retracement Level: 0.6756 (acting as support)
- 50% Retracement Level: 0.6775
- 61.8% Retracement Level: 0.6793 (close to the immediate resistance of 0.6800)
Conclusion and Trading Strategy
The AUD/USD pair on the 2-hour chart is showing a bullish trend supported by various technical indicators and analysis. Key points to consider:
Buy on Dips: Given the uptrend, look for buying opportunities on dips around the support levels of 0.6750 and 0.6700.
Target Levels: The immediate target is 0.6800, followed by 0.6850 if the price breaks above the immediate resistance.
Stop Loss: A stop loss should be placed just below the support level of 0.6700 to manage risk.
Risk Management
Ensure to use proper risk management strategies by not risking more than 1-2% of your trading capital on a single trade.
Monitor the RSI for overbought conditions to avoid entering at the top.
Disclaimer
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