AUD/USD: technical analysis and trading recommendations_05/06/2021
At the moment, AUD / USD maintains positive momentum and the tendency to resume growth, traded in the zone above the strong short-term support level 0.7741 (ЕМА200 on the 1-hour chart).
AUD / USD also remains above the important support levels 0.7710, 0.7718 (EMA50 on the daily and EMA200 on the 4-hour charts).
A breakdown of the local resistance level 0.7815 (April highs and the upper border of the descending channel on the daily chart) will be a signal for the resumption of long positions with a distant target at 0.8160 (the upper border of the ascending channel on the weekly chart).
In an alternative scenario, the decline in AUD / USD will resume inside the descending channel on the daily chart and to support levels 0.7570 (ЕМА144 on the daily chart), 0.7510 (50% Fibonacci retracement to the wave of the pair's decline from 0.9500 in July 2014 to 2020 lows near the mark 0.5510), 0.7480 (ЕМА200 on the daily chart).
A breakdown of the support level 0.7300 (ЕМА200 on the weekly chart) will finally return AUD / USD into a long-term downtrend.
Support levels: 0.7741, 0.7718, 0.7710, 0.7600, 0.7570, 0.7510, 0.7480, 0.7300
Resistance levels: 0.7815, 0.7850, 0.7980, 0.8000, 0.8160
Sell Stop 0.7690. Stop-Loss 0.7770. Take-Profit 0.7600, 0.7570, 0.7510, 0.7480, 0.7300
Buy Stop 0.7770. Stop-Loss 0.7690. Take-Profit 0.7815, 0.7850, 0.7980, 0.8000, 0.8160