ByLCMS Traders FX Analysis Team
MAY 11, 2021
AUD/USD bulls are struggling to cross above the 0.7860 resistance area. Monday’s closing has formed a Doji pattern with a long upper shadow. The pair is currently trading at 0.7845 with immediate resistance levels at 0.7860 and 0.7900. The near-term support areas are at 0.7833 and 0.7785.
The pair is currently trading on the upper side of the ongoing trading range and only a breach above 0.7860 would ensure a continuity of the uptrend. The RSI is at 60 and appears flat while MACD is above the zero line but indicates a possible diversion from the upwards move. The pair is keeping above the moving averages, the SMA-14 is at 0.7770 and the SMA-50 is at 0.7709. Considering the intraday price pattern and the MACD’s divergence the pair is currently good to sell near 0.7860 with a target of 50 to 60 pips and a stop-loss at 0.7875
Bulls require an intraday closing above 0.7860 to keep the control and move further higher. On the downside, an intraday closing below 0.7800 would be supportive of the bears and they would be able to extend the downside.
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