AUD/USD is trading 0.18% higher to 0.7760 and appears to be heading towards a positive weekly closing. The intraday support levels are at 0.7744 and 0.7718. The near-term resistance areas are at 0.7772 and 0.7800.

On the intraday charts, the RSI is at 52 and has an upwards curve. The pair is keeping above the moving averages and the mid-Bollinger band which is at 0.7740. The upper and lower bands are at 0.7793 and 0.7687 respectively. So far the pair is within the ongoing trading range and can be traded on both sides for small profits. A decent selling entry would be at the following levels

Direction: sell
Entry: 0.7785
Take Profit: 0.7735
Stop-Loss: 0.7805

Direction: Buy
Entry: 0.7735
Take Profit: 0.7775
Stop-Loss: 0.7715

A weekly closing above 0.7780 would be supportive of the bulls while closing below 0.7720 would help bears move below the ongoing trading range during the next week.


Get notified when there is a new post. Read new post to earn 10 points!

1 Star2 Stars3 Stars4 Stars5 Stars (1 votes, average: 5.00 out of 5)

Rate an article for points!

By LCMS Traders FX Analysis Team

You will get access to our "Getting Started Tutorials" where you will learn the trading methodology devised by the LCMS Traders Team who uses the same exact methodology to trade a Multi-Million Dollar account on a daily basis.

Leave a Reply

Your email address will not be published. Required fields are marked *