Technical analysis

08 April 2021

14:06 AUD/USD remains below MA 200 H1

Yesterday the AUD/USD was trading lower and closed the day in the red around the $0.7610. Today it was trading in a narrow range of $0.7605-20, staying close to yesterday's closing price. On the hourly chart, AUD/USD is still trading below the moving average MA (200) H1 ($0.7620). The situation is similar on the four-hour chart. Based on the foregoing, it is probably worth sticking to the south direction in trading and while the AUD/USD remains below MA 200 H1, it may be necessary to look for entry points to sell on the formation of a correction.

  • Resistances levels are at: $0.7675, $0.7700, $0.7755

  • Support levels are at: $0.7590-00, $0.7560, $0.7530

Probably, the main scenario - is the continuation of the downward movement to $0.7600 (Apr 5 low). Alternative scenario - may be consolidation above MA 200 H1 with subsequent growth to $0.7700 (high of the European session on Mar 23).

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