ByLCMS Traders FX Analysis Team
AUG 17, 2021
AUD/USD Daily Forecast
AUD/USD is has breached below the ongoing sideways trading range and is currently trading 0.72% lower to 0.7287. The next support level is at 0.7266 while the intraday resistance levels stand at 0.7215 and 0.7244.
The significant breach below the 0.7200 area is likely to help bears extend the downside during this week. The RSI is at 38 and is still away from an absolute oversold zone. The SMA-14 is at 0.7357 and the SMA-50 is at 0.7462. The MACD is below the middle line and favoring the bears. Considering the fact that the RSI is still away from an absolute oversold zone and analyzing the nearby support areas the pair is good for selling entries on small rallies using the following levels
Direction: Sell
Entry: 0.7215
Take Profit: 0.7170
Stop-Loss: 0.7255
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