ByLCMS Traders FX Analysis Team
JUN 28, 2021
AUD/USD upwards momentum ended on Friday with a lower closing at 0.7573. Currently, the pair is trading at 0.7575 with immediate resistance levels at 0.7600 and 0.7628. The intraday support levels are at 0.7566 and 0.7538.
On the intraday chart, the SMA-14 (0.7614) is acting as a stiff resistance area for the bulls. The SMA-50 resistance line is at 0.7713. The pair is also keeping below the mid-Bollinger band while the expanded bands are indicating high volatility ahead. The RSI is at 41 and appears flat while the MACD is below the zero line and supportive of the bears. Following the intraday price pattern, the pair is currently ideal to sell at the following levels
Direction: Sell
Entry: 0.7590
Take Profit range: 0.7555 – 0.7535
Bulls require to breach above the SMA-14 resistance line to gain strength and move further higher. On the downside, an intraday closing below 0.7550 will be supportive of the bears and the chances of testing the 0.7500 support area would be high.
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