AUD/USD has moved higher from last week’s low of 0.7469 and is currently trading at 0.7559. The upwards move followed soon after some correction in the USD. The USD Dollar index (DXY) has moved below the 92.00 mark appears to have a further downside. The pair’s intraday support levels are 0.7533 and 0.7500. The intraday resistance levels are at 0.7578 and 0.7612.

AUD/USD Daily Technical Levels

The pair has gained nearly 100 pips since Monday and the current candlestick formation suggests a further rise. The RSI is at 39 and has an upwards curve. The SMA-14 resistance line is at 0.7684 and the SMA-50 resistance area is at 0.7722. The mid-Bollinger band is at 0.7671 while the upper and lower bands are at 0.7845 and 0.7497 respectively. Considering the intraday and 4-hourly price pattern and analyzing the USD weakness the pair is likely to gain therefore intraday buy entry is ideal at the below levels.

Direction: Sell
Entry: 0.7535
Take Profit: 0.7580
Stop-Loss: 0.7505

An intraday closing above 0.7570 would accelerate the upwards momentum and help bulls move past the SMA-14 resistance. On the downside, bears require a sustained price action below 0.7520 to get back some control.

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By LCMS Traders FX Analysis Team

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