AUDUSD has moved slightly lower to 0.71900 but seems to have multiple support areas nearby. The pair’s immediate support is at 0.7170 while other support levels are at 0.7140 and 0.7145 levels. The Intraday resistance is at 0.7222 another resistance is present at 0.7255.

The SMA-14 is indicating a support area at 0.7146 while the SMA-50 is indicating resistance at 0.7120. The pair is currently above the mid-Bollinger band while the upper band resistance area is at 0.7323. The RSI is near the neutral zone and seems relatively flat. The weekly price pattern is still bullish while the price pattern on the intraday and 4-hourly chart is slightly bearish but with the presence of nearby support areas, the pair is good to buy on further dips. A decent buying level would be at 0.7170 with a target of 0.7130. A tight stop-loss for this trade would be just above the 0.7120 support area.

An intraday closing above 0.7220 would once again put the bulls in control. On the downside, if the pair continues to move lower 0.7130 and 0.7100 are likely to act as strong support levels.

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By LCMS Traders FX Analysis Team

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