Chart the Market (24/07/2025)

AUDUSD, D1: 

The Australian dollar is extending its ascent within a well-defined long-term uptrend channel, recently touching its highest level since November. The move reinforces the legitimacy of the prevailing bullish structure, with upward momentum showing renewed strength.

Technical indicators support the bullish outlook. The Relative Strength Index (RSI) has bounced before breaching the midline, indicating buyers are regaining control. Meanwhile, the MACD has formed a bullish crossover above the zero line—a classic signal that fresh upside momentum is building.

With both price action and technical signals aligned, AUD/USD appears poised to continue its upward trajectory, barring any fundamental headwinds.

Resistance Levels:0.6655, 0.6715

Support Levels: 0.6590, 0.6530

USOIL,  H4

Oil prices remain under pressure, extending their recent downtrend after a brief rebound from the $65.00 level—a key support that marked the low of the previous plunge. The current trajectory suggests a retest of this pivotal zone, with a decisive break below likely to trigger further downside momentum.

Momentum indicators underscore the bearish tone. The Relative Strength Index (RSI) has slipped below the 50 threshold and is edging closer to oversold territory, signaling growing downside risk. Meanwhile, the MACD is hovering near the zero line with a bearish bias, indicating that selling pressure continues to outweigh buying interest.

A sustained move below the $65 mark could reinforce the bearish trend, potentially accelerating the decline in crude prices.

Resistance Levels: 67.50, 70.25

Support Levels: 64.50, 60.50