AUD/USD has established a sequence of rising peaks and troughs on the 4-hour chart since it recovered from the August 5 lows.
AUD/USD is taking a breather after a strong rally. It is biased to continue rising in line with the trend once the consolidation ends. The RSI is overbought but has not yet given a sell signal. The sequence of higher highs and lows is indicative of a short-term uptrend, which given “the trend is your friend” is biased to continue. AUD/USD 4-hour Chart The pair has stalled over the last few periods and started to trade sideways in the 0.6730s. A close above 0.
6740, however, would probably indicate the start of a continuation higher. Further resistance lies at 0.6760 followed by 0.6799, the July 11 high. The Relative Strength Index is in overbought territory, increasing the chances of a pull back. For confirmation of a correction in price, however, the RSI would have to exit overbought and re-enter neutral territory.
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