AUD/CAD 4 Hour Chart
Chart Action Points
| Action: Potential buy positions above 0.9122 | Action: Potential sell positions below 0.9122 |
| Take Profit 1 (TP1) at 0.9178 | Take Profit 1 (TP1) at 0.9055 |
| Take Profit 2 (TP2) at 0.9208 | Take Profit 2 (TP2) at 0.9020 |
Comments
- The RSI on the AUD/CAD 4-hour chart is at 44.29, and the RSI signal line is facing sideways. Just before this, the RSI moved above 50 points and dropped. This suggests that there was a brief period of buying pressure that pushed the RSI above 50, but the buying pressure is not sustained, and the price has subsequently fell. The fact that the RSI signal line is facing sideways suggests that there may be some indecision or lack of momentum in the market at the moment. It is possible that the market is in a consolidation phase, with buyers and sellers evenly matched, and there is no clear direction in which the price is likely to move.
- The 20 SMA and the 50 SMA are two popular time frames used by traders to analyse market trends. On the AUD/CAD 4-hour chart, the 20 SMA is dropping down and is already below the current price levels, while the 50 SMA is moving sideways and is still above the prices. This suggests that the short-term trend is bearish (as indicated by the 20 SMA) while the longer-term trend is still neutral or slightly bullish (as indicated by the 50 SMA).
GBP/USD 4 Hour Chart
Chart Action Points
| Action: Potential buy positions above 1.1932 | Action: Potential sell positions below 1.1932 |
| Take Profit 1 (TP1) at 1.2012 | Take Profit 1 (TP1) at 1.1860 |
| Take Profit 2 (TP2) at 1.2065 | Take Profit 2 (TP2) at 1.1805 |
Comments
- An RSI reading above 50 indicates bullish momentum, while a reading below 50 indicates bearish momentum. On GBP/USD chart, an RSI reading of 51 points suggests that the market is neither overbought nor oversold, and the buying and selling pressures are relatively balanced. The RSI signal line facing slightly downwards indicates that there may be some weakness or bearish momentum building up in the market.
- On the GBP/USD 4-hour chart, the 20 SMA is dropping down and is already below the current price levels, while the 50 SMA is above the prices but sloping downwards. This suggests that the short-term trend is bearish (as indicated by the 20 SMA), and the longer-term trend is also turning bearish (as indicated by the 50 SMA). The fact that the 20 SMA is below the current price levels indicates that there is a recent history of price declines, and the short-term momentum is to the downside.