Hello, dear traders, welcome to Guriforex.com. If you’re looking for forex trading signals, then you are in the right place. Today we come with a technical analysis of the AUDCAD market. Let’s dive into the analysis.

AUDUSD Trading Analysis/Signal for August 14, 2024, by Guriforex:

In the H4 timeframe, the AUDUSD pair is exhibiting a strong upward momentum, making a notable push toward the key resistance level at 0.6630. This level is particularly significant as it aligns with the golden Fibonacci ratio, often considered a critical point in technical analysis. The bullish drive towards this resistance is a sign of potential strength in the Australian Dollar against the US Dollar. However, the situation is far from straightforward.

📊 Indicators Analysis

Both the RSI (Relative Strength Index) and DeMarker oscillators are signaling that the AUDUSD pair is in an overbought condition. This could mean that the market is becoming overstretched, and a pullback might be on the horizon. Additionally, the 200-MA (Moving Average) provides an extra layer of resistance, making it even harder for the price to break through.

🔼 Bullish Scenario

Should the price manage to break above the 0.6630 resistance level, it will likely pave the way for further gains, potentially pushing the AUDUSD up to 0.6690. This would indicate a continued bullish trend in the near term.

🔽 Bearish Scenario

However, if the price faces resistance at the golden Fibonacci ratio and fails to break through, we could see a corrective rebound. This would push the price downward towards 0.6520. Traders should be prepared for this possibility, as the market could retrace before finding new support.

Do you think the AUDUSD will continue its bullish momentum, or are we in for a bearish correction? Share your thoughts in the comments below! 👇💬

📈 Stay informed and make your next trade a successful one! 🏦 Happy Trading!