AUD/USD bears are struggling to extend the downside below 0.73000 despite briefly moving below the support area. The pair is currently trading at 0.7373 with immediate support levels at 0.7346 and 0.7312. The intraday resistance levels are at 0.7400 and 0.7436.

On the intraday charts, yesterday’s closing has formed a Hammer like pattern that might help bulls build a recovery pattern even though technical indicators are still presenting a bearish picture. The RSI is gradually coming out of the oversold zone and is currently at 36. The mid-Bollinger band is at 0.7457. The SMA-14 is indicating resistance at 0.7430 while the SMA-50 resistance line is at 0.7598. Considering the intraday and 4-hourly price pattern, the pair is good for buying entries using the following levels

Direction: Buy
Entry: 0.7335
Take Profit: 0.7490
Stop-Loss: 0.7295

An intraday closing above 0.7400 would set the bulls in a good position to rise further and challenge the 0.7440 and 0.7472 resistance areas. On the downside, an intraday closing below 0.7320 would be supportive of the bears.

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By LCMS Traders FX Analysis Team

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