AUD/USD Downside Likely To Extend Beyond 0.7600 mark
ByLCMS Traders FX Analysis Team
JUN 17, 2021
AUD/USD recovered parts of its previous day’s losses in the early Asian session but is now once again trading lower. The current price is at 0.7608 with 0.7600 acting as a strong support area. The intraday resistance levels are at 0.7629 and 0.7664.
On the intraday and 4-hourly charts, the price pattern is strongly bearish. The pair has moved below the moving averages, the SMA-14 is at 0.7708 and the SMA-50 is at 0.7733. The mid-Bollinger band is at 0.7715 while the upper and lower bands are at 0.7801 and 0.7630. The RSI is at 37 and favors the bears. Considering the bearish price pattern, the pair is likely to take a dip below 0.7600 therefore selling entries is recommended at the below levels
Direction: Sell
Entry: 0.7635
Take Profit Range: 0.7580 – 0.7555
Stop-Loss: 0.7660
An intraday closing below 0.76000 would accelerate the downtrend. On the upside, an intraday closing above 0.7670 would be ideal to once again move higher.
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