AUD/USD: technical analysis and trading recommendations_08/02/2021


At the beginning of today's European session, the AUD / USD pair is traded near the 0.7350 mark, continuing to move within the descending channels on the daily and weekly charts and staying in the zone below the important resistance levels 0.7372 (ЕМА200 on the 1-hour chart), 0.7466 (ЕМА200 on the 4-hour chart), 0.7510 (ЕМА200 on the daily chart and 50% Fibonacci retracement to the wave of the pair's decline from 0.9500 in July 2014 to 2020 lows near 0.5510).

A break of the key support level 0.7335 (ЕМА200 on the weekly chart) may finally push the pair into a bear market. In this case, a breakdown of the support level 0.7295 (local annual lows and ЕМА144 on the weekly chart) will only be a confirmation signal for such a scenario.

In an alternative scenario, the first signal for a reversal and resumption of the uptrend will be a breakdown of the resistance level 0.7372.

However, only a convincing rise into the zone above the resistance levels 0.7510, 0.7560 (ЕМА144 on the daily chart) will indicate the resumption of the long-term upward dynamics of AUD / USD.

In the current situation, short positions are preferred.

Support levels: 0.7335, 0.7295

Resistance levels: 0.7372, 0.7466, 0.7510, 0.7560

Trading Recommendations

Sell by market, Sell-Stop 0.7325. Stop-Loss 0.7415. Take-Profit 0.7300, 0.7295, 0.7200, 0.7100, 0.7040

Buy Stop 0.7415. Stop-Loss 0.7325. Take-Profit 0.7466, 0.7510, 0.7560, 0.7775, 0.7815, 0.7835, 0.7885, 0.8000, 0.8160, 0.8200