ByLCMS Traders FX Analysis Team
SEP 8, 2021
AUD/USD Daily Forecast
AUD/USD bulls appear to have lost momentum as the pair continues to decline for a second consecutive day. The current market price is at 0.7355 with immediate support levels at 0.7332 and 0.7300. The intraday resistance levels are at 0.7374 and 0.7416.
The pair has moved below the SMA-50 (0.7364) but despite the decline, the downside appears limited with SMA-14 indicating support at 0.7316. The RSI is at 51 and the MACD is above the middle line. The mid-Bollinger band is at 0.7303 while the upper and lower bands are at 0.74600 and 0.7130. Based on the nearby support areas, the pair isn’t likely to have a bigger drop. However, the current price pattern is suggesting opportunities on both sides.
A sell entry for small profits is ideal using the following levels
Direction: Sell
Entry: 0.7375
Take Profit: 0.7335
Stop-Loss: 0.7405
On the flip side, a buy entry is ideal using the following levels under the condition that the pair closes above the 0.7375 mark on the hourly chart.
Direction: Buy
Entry: 0.7380
Take Profit: 0.7415
Stop-loss: 0.7330
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