As indicated in yesterday’s analysis the AUD/USD moved lower and closed at 0.7408. Currently, the pair is trading at 0.7390 with immediate support levels at 0.7381 and 0.7363. The intraday resistance levels are at 0.7416 and 0.7439.
On the intraday charts, the pair is heading towards the SMA-50 support line which is at 0.7363. The SMA-14 is indicating resistance at 0.7476. The RSI is at 46 and has a downwards curve. The MACD is also indicating a bearish trajectory. The mid-band is at 0.7447 with upper and lower bands at 0.7563 and 0.7333 respectively. The intraday price pattern is now bearish and indicates that the pair is heading towards a lower weakly closing which makes the pair ideal for selling entries near 0.7400 with a target of 50 to 60 pips and a stop-loss at 0.7440.
