ByLCMS Traders FX Analysis Team
AUG 12, 2021
AUD/USD Daily Forecast
AUD/USD is trading 0.10% lower to 0.7361 after closing nearly 30 pips higher yesterday. The 0.7370 is acting as a stiff resistance area and bulls require to breach above this level to take the pair further higher. The intraday support levels are at 0.7341 and 0.7318.
The current price is within the ongoing trading range however, the pair is currently trading near the SMA-14 resistance line which is at 0.7368. The SMA-50 resistance line is way high at 0.7487. The RSI is at 43 and has a downwards curve while the MACD is below the middle line as well. So far the bulls have managed to hold the downside however, a clear breach above 0.7375 is needed for the bulls to move further higher. Therefore a buy entry is recommended using only if the pair closes above 0.7375 on the 4-hourly chart. The target for this trade would be 50 to 60 pips and an ideal stop-loss would be at 0.7335.
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