ByLCMS Traders FX Analysis Team
JUN 4, 2021
AUD/USD has breached below the ongoing trading range following a 90 pips drop yesterday. The pair is currently trading at 0.7662 with intraday support levels at 0.7630 and 0.7608. The near-term resistance areas are at 0.7678 and 0.7700.
On the intraday chart, the pair now appears to be heading further lower. The SMA-14 is indicating resistance at 0.7732 and the SMA-50 resistance line is at 0.7719. The mid-Bollinger band is at 0.7745 while the upper and lower bands are at 0.7833 and 0.7657 respectively. The RSI is at 41 and appears flat while MACD is below the zero line and supportive of the bears. Following the intraday price pattern, the pair is currently ideal for selling at 0.7675 with a target of 0.7625 and a stop-loss at 0.7700.
A weekly closing below 0.7620 would be an indication of a further drop during the next week while on the upside an intraday closing above 0.7700 would help bulls regain the strength and move higher.
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