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U.S. Dollar / Australian Dollar

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USDAUD trade ideas

AUDUSD bulls need to tackle 0.7320-25 hurdle to keep the reinsAUDUSD bulls battle the key resistance, namely 200-SMA, during early Wednesday. Given the Aussie pair’s sustained rebound from the previous resistance line, not to forget successful trading above an eight-day-long rising support line, the buyers remain hopeful by the press time. However, overbought RSI conditions challenge the buyers, requiring a clear break of 0.7325 to keep the reins. Following that, 61.8% Fibonacci retracement of July–August downside near 0.7410 and the previous monthly top near 0.7425 should return to the charts. Meanwhile, the aforementioned short-term support line near 0.7295 restricts the quote’s immediate pullback, if any, ahead of the resistance-turned-support of 0.7270. If at all, AUDUSD drops below 0.7270, the 0.7230 level may offer an intermediate halt during the likely fall towards the last month’s low surrounding 0.7125. Overall, AUDUSD is in the recovery mode after a two-month bearish performance.
Long
by MTradingGlobal
AUDUSD bulls have a long way to recapture controlsAUDUSD recovery from 0.7100 takes clues from the upbeat RSI line to extend the heaviest daily rise in four months, suggesting further advances towards the monthly horizontal resistance near 0.7270-85. However, bearish MACD challenges the pair’s further upside past 0.7285. Even if the quote manages to cross the 0.7285 hurdle, a downward sloping trend line from early July and a convergence of 50% Fibonacci retracement of June–August downside and 200-SMA around 0.7350–60 will be tough nuts to crack for the bulls. If at all the Aussie pair rises past 0.7360, 61.8% Fibonacci retracement near 0.7420 will be in focus. On the downside, the 0.7200 round figure and 0.7150 may entertain AUDUSD sellers ahead of directing them to the nine-month-low, flashed last week, surrounding 0.7100. Should the pair bears hold the reins past 0.7100, June 2020 high near 0.7060 and the 0.7000 psychological magnet will be crucial levels to follow. Overall, AUDUSD remains on the bearish trajectory unless crossing 0.7360.
Short
by MTradingGlobal
💡Don't miss the great sell opportunity in AUDUSDTrading suggestion: ". There is still a possibility of temporary retracement to the suggested resistance line (0.7385). if so, traders can set orders based on Price Action and expect to reach short-term targets." Technical analysis: . AUDUSD is in a range bound, and the beginning of a downtrend is expected. . The price is below the 21-Day WEMA, which acts as a dynamic resistance. . The RSI is at 42. Take Profits: TP1= @ 0.7331 TP2= @ 0.7289 TP3= @ 0.7239 TP4= @ 0.7195 TP5= @ 0.7150 SL: Break Above R2 ❤️ If you find this helpful and want more FREE forecasts in TradingView . . . . . Please show your support back, . . . . . . . . Hit the 👍 LIKE button, . . . . . . . . . . . Drop some feedback below in the comment! ❤️ Your Support is very much 🙏 appreciated!❤️ 💎 Want us to help you become a better Forex / Crypto trader? Now, It's your turn! Be sure to leave a comment; let us know how you see this opportunity and forecast. Trade well, ❤️ ForecastCity English Support Team ❤️
Short
by ForecastCity_ME
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