AUD/USD Heads Below 0.75000 Likely To Move Further Lower

#OPINIONLEADER# #Signal#

ByLCMS Traders FX Analysis Team

 JUL 1, 2021

AUD/USD continuing on the lower path amid the USD gains. Currently, the pair is trading at 0.7487 with immediate support levels at 0.7450 and 0.7428. The intraday resistance levels are at 0.7515 and 0.7539.

On the intraday charts, the price pattern is strongly bearish and it appears the pair is heading towards the 0.7400 mark. The SMA-14 indicating resistance at 0.7565 and the SMA-50 showing resistance at 0.7699. The RSI is at 33 and still away from an absolute oversold zone. The MACD is below the zero line and favors the bears. Following the intraday and 4-hourly price patterns the pair is ideal to sell on small rallies using the below levels

Direction: Sell

Entry: 0.7515

Take Profit: 0.7460

Stop-Loss: 0.7548

An intraday closing below 0.7450 would further strengthen the bears and the chances of a breach below 0.7400 would be higher. On the upside, bears require a sustained price action above 0.7530 to get back into the game.