AUD/USD Bulls Having Stiff Resistance Near 0.7770

#OPINIONLEADER# #Signal#

ByLCMS Traders FX Analysis Team

 JUN 9, 2021

AUD/USD is currently trading 0.14% higher to 0.7745 after closing slightly lower on Tuesday. Bulls are having stiff resistance near 0.7770 while other resistances are present at 0.7778 and 0.7800. The intraday support levels are at 0.7738 and 0.7706.

On the intraday charts, a bearish moving average crossover is in making which is likely to help bears to move further lower towards the 0.7700 mark. The mid-Bollinger band is at 0.7739 while the upper and lower bands are at 0.7792 and 0.7686 respectively. The RSI is at 50 and the MACD is below the zero line. Based on the intraday and 4-hourly price charts, the 0.7770 is a stiff intraday resistance area and the pair is likely to dip towards the lower side of the ongoing trading range. Therefore sell entries are ideal at the following levels.

Direction: Sell

Entry: 0.7770

Take Profit Range: 0.7735 – 0.7715

Stop-Loss: 0.7800

An intraday closing below 0.7730 would be ideal for the bears to extend the downside towards 0.7660. On the upside, bears require a sustained price action above 0.7770 to get some hold.