AUDUSD Analysis – November-27-2023
Our latest AUDUSD technical analysis closely examines the pair’s movement on the daily chart. Today’s trading session shows a notable increase in the AUDUSD price. During this Technical Analysis, the AUD bulls have surged above the 50% Fibonacci retracement. This significant level coincides with the upper boundary of the bullish flag pattern observed in the daily chart.
As the Relative Strength Index (RSI) approaches the overbought territory, there’s a possibility that the AUDUSD pair may enter a ranging phase above the %65.8 resistance mark. Given the current saturation of the AUDUSD price due to buying pressures, it’s advisable not to pursue long positions at this level.
Retail customers should consider a more cautious approach. A strategic move would be to wait for the pair to revisit the midpoint of the bullish flag. This specific level, aligning with the %38.2 Fibonacci level, could offer a decent opportunity for buyers to enter the market.