ByLCMS Traders FX Analysis Team
MAY 14, 2021
AUD/USD recovered from a low of 0.7686 and is currently trading at 0.7736. The intraday support levels are at 0.7718 and 0.7682. The near-term resistance areas are at 0.7766 and 0.7792.
Yesterday’s closing has formed a Doji pattern and it seems the price is holding above the lower side of the ongoing trade range. On the intraday chart, the moving averages are currently giving mixed signals. The SMA-14 is indicating resistance at 0.7768 and the SMA-50 is showing support area at 0.7710. The RSI is at 49 and appears flat while the MACD is above the zero line. Following the intraday and 4-hourly price patterns, the pair has further upside and ideal to buy near 0.7725 with a target of 50 to 60 pips and a stop-loss at 0.7690
A weekly closing above 0.7760 would be ideal for the bulls to continue their dominance. On the downside, a weekly closing below 0.7670 would favor the bears and they would be able to extend the downside during the next week.
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