AUD/USD: technical analysis and trading recommendations_02/02/2021


As we noted earlier, at the beginning of today's European session, the AUD / USD pair is traded in the zone above the key support levels 0.7585 (ЕМА50 on the daily chart), 0.7245 (ЕМА200 on the daily and weekly charts), maintaining long-term positive dynamics.

At the same time, one cannot ignore the fact that AUD / USD has broken through important short-term support levels 0.7643 (ЕМА200 on the 4-hour chart), 0.7674 (ЕМА200 on the 1-hour chart), which indicates the growing risks of further decline of the pair.

A breakdown of the support level 0.7585 will exacerbate these risks and may send AUD / USD deeper into the ascending channel on the weekly chart and towards the support levels 0.7340 (ЕМА144 on the daily chart), 0.7245.

Nevertheless, in the current situation and above the support level 0.7585, long positions remain preferable, and therefore the breakdown of the resistance level 0.7643 will be a signal to build up long positions.

A breakout of the local resistance level 0.7820 (highs of the year and 30-month highs) will be a signal for the resumption of growth in AUD / USD towards resistance levels 0.7845 (ЕМА200 on the monthly chart), 0.7980 (Fibonacci level 61.8% of the correction to the wave of the pair's decline from the level of 0.9500 in July 2014 to the lows of 2020 near the 0.5510 mark), 0.8160.

Support Levels: 0.7585, 0.7510, 0.7410, 0.7340, 0.7245, 0.7200, 0.7100, 0.7037

Resistance Levels: 0.7643, 0.7674, 0.7700, 0.7820, 0.7845, 0.7980, 0.8160

Trading Recommendations

Sell Stop 0.7575. Stop-Loss 0.7670. Take-Profit 0.7510, 0.7410, 0.7340, 0.7245, 0.7200, 0.7100, 0.7037

Buy Stop 0.7670. Stop-Loss 0.7575. Take-Profit 0.7700, 0.7820, 0.7845, 0.7980, 0.8160