AUD/USD Bulls Struggle To Move Above the 0.7400 Mark

#OPINIONLEADER# #Signal#

ByLCMS Traders FX Analysis Team

 JUL 23, 2021

AUD/USD is currently trading 0.25% lower to 0.7360 after following a three days bullish momentum. The 0.7400 is currently acting as a stiff resistance area while other resistance areas are at 0.7418 and 0.7441. The intraday support levels are at 0.7345 and 0.7318.

On the intraday charts, the corrective move is likely to have stiff resistance near 0.7400 and bears might once again take control. The SMA-14 is indicating resistance at 0.7417 and the SMA-50 resistance area is at 0.7591. The mid-Bollinger band is at 0.7447 while the upper and lower bands are at 0.7582 and 0.7312 respectively. The RSI is at 35 and the MACD is below the middle line and favors the bears. Following the nearby resistance zones and analyzing the 4-hourly price pattern the pair is ideal for selling entries using the following levels

Direction: Sell

Entry: 0.7385

Take Profit: 0.7335

Stop-Loss: 0.7418

A weekly closing below 0.7320 would be ideal for bears to extend the downside during the next week. On the upside, bulls require a sustained price action above the 0.7400 mark to get in control during the next week.