ByLCMS Traders FX Analysis Team
JUL 12, 2021
AUD/USD managed to close in the positive zone on Friday after hitting a low of 0.7409. The pair is currently trading at 0.7460 with immediate support levels at 0.7423 and 0.7388. The intraday resistance levels are at 0.7477 and 0.7523.
Friday’s positive closing seems dicey as the pair is moving below the Fibo 50% retracement zone. The current price is also below the moving averages, the SMA-14 is at 0.7511 and the SMA-50 is at 0.7660. The RSI is at 37 and appears flat while the MACD is below the middle line and indicates a bearish trajectory. Analyzing the nearby resistance zones and considering the intraday price pattern, the pair is likely to dip further which makes it ideal for short entries on small rallies using the following levels.
Direction: Sell
Entry: 0.7590
Take Profit: 0.7530
Stop-Loss: 0.7622
Bulls need to breach above 0.75000 level to fully gain control, failing to achieve that would turn the price pattern further bearish and put the bears in a better position to challenge the 0.7400 support level.
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