Relevance up to 15:00 2022-07-27 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
Red lines- bearish RSI divergence
Green line- support trend line
AUDUSD continues making higher highs and higher lows in the 4 hour chart as can be seen in today's analysis. Trend remains technically bullish, but the wedge pattern combined with the bearish RSI divergence suggest that a pull back is imminent. Support is found at 0.6920 and holding above this level is key for bulls. Bears need to break below this level in order to produce a reversal signal. Confirmation of a reversal will come with a break below 0.6885. AUDUSD could produce a new higher high, however the RSI suggests that the upside is weakening.
