AUD/USD Bulls Likely To Struggle Around Current Price Level

#OPINIONLEADER# #Signal#

ByLCMS Traders FX Analysis Team

 JUL 5, 2021

AUD/USD bulls managed recovery from 0.7743 on Friday and closed higher at 0.7515. Currently, the pair is trading at 0.7523. The intraday resistance levels are at 0.7534 and 0.7561. The intraday support levels are at 0.7485 and 0.7449.

AUD/USD Daily Technical Levels

On the intraday charts, the pair’s outlook remains bearish despite Friday’s gains. The SMA-14 is indicating resistance 0.7538 and the SMA-50 resistance area is at 0.7689. The pair is also keeping below the mid-Bollinger band which is at 0.7592 while the upper and lower bands are at 0.7772 and 0.7412 respectively. The RSI is at 40 and MACD is below the zero line. Friday’s uptick appears a short-term correction and with the presence of nearby resistance areas, the pair is likely to resume the downtrend. Therefore a short entry is ideal at the following level

Direction: Sell

Entry: 0.7535

Take Profit: 0.7470

Stop-loss: 0.7558

On the upside, bulls require a sustained price action above 0.7575 to regain control and move higher. On the downside, an intraday closing below 0.7500 would be supportive of the bears for extending the downside during this week.