ByLCMS Traders FX Analysis Team
JUL 8, 2021
AUD/USD is trading 0.68% lower to 0.7431 following high USD demand. The pair’s immediate support level is at 0.7418 while other support levels are at 0.7385 and 0.7365. The intraday resistance levels are at 0.7474 and 0.7515.
On the intraday charts, the pair is trading below the Fibo 50% retracement zone. The RRSI is at 33 and still away from the absolute oversold zone. The MACD is below the middle line and favors the bears as well. The pair is also keeping below the mid-Bollinger band the moving averages. The SMA-14 resistance line is at 0.7523 and the SMA-50 stands at 0.7670. Following the bearish momentum and analyzing the intraday price pattern the pair is likely to fall further. Therefore short entries are ideal on small rallies using the following levels
Direction: Sell
Entry: 0.7465
Take Profit: 0.7415- 7400
Stop-Loss: 0.7500
The downward trajectory appears to continue and an intraday closing below 0.7430 would open the door for a further decline. On the upside, bulls need to move above 0.75000 to stay relevant.
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