ByLCMS Traders FX Analysis Team
JUL 7, 2021
AUD/USD dropped below the 0.7500 support area after hitting a high of 0.7600 on Tuesday. Currently, the pair is trading 0.23% higher to 0.7511 with immediate resistance levels at 0.7536 and 0.7569. The intraday support levels are at 0.7488 and 0.7853.
On the intraday charts, yesterday’s sharp decline appears to be threatening the 0.74500 support level. The SMA-14 is indicating resistance at 0.7528 and the SMA-50 resistance line is at 0.7678. The pair is also keeping below the mid-Bollinger band while the upper and lower bands are t 0.7730 and 0.7410. The RSI is below the neutral zone has an upwards curve which can well be taken for a better sell entry. Following the intraday price pattern, the pair is ideal to sell on small rallies using the below levels.
Direction: Sell
Entry: 0.7535
Take Profit: 0.7575
Stop-Loss: 0.7572
Sustained price action below 0.7500 would strengthen the bears and help move below the 0.7450 support area. On the upside, an intraday closing above 0.7570 would be supportive of the bulls.
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