ByLCMS Traders FX Analysis Team
AUG 9, 2021
AUD/USD Daily Forecast
AUD/USD bulls failed to sustain above the 0.74000 mark and ended the last week on the lower side at 0.7346. Currently, the pair is trading almost unchanged at 0.7344 on the first of the new week and the price pattern is suggesting a further decline.
The intraday support levels are at 0.7323 and 0.7285. The near-term resistance areas are at 0.7377 and 0.7418. On the intraday charts, although the pair is within the ongoing consolidative range but the technical indicators are now presenting a bearish picture. The SMA-14 is indicating resistance at 0.7370 and the SMA-50 resistance line is at 0.7509. The RSI is at 40 and the MACD is below the middle line and indicates a bearish trajectory. Following the intraday price pattern and analyzing the weekly opening the pair is presenting sell opportunities at the following levels.
Direction: Sell
Entry: 0.7360
Take Profit: 0.7330 – 0.73000
Stop-Loss: 0.7408
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