AUD/USD Daily Analysis
AUD/USD intraday bias remains on the upside with the pair currently trading at 0.7573. The intraday support levels are at 0.7551 and 0.7522. The near-term resistance areas are at 0.7600 and 0.7633.
On the intraday charts, The RSI is at 68 and appears to be entering the overbought zone. The mid-band is at 0.7434 while the upper and lower bands are at 0.7662 and 0.7205 respectively. The SMA-14 is indicating support at 0.7498 and the SMA-50 support area is way below 0.7283. Based on the intraday price pattern and indications from the technical indicators the pair is likely to rise which makes it ideal for buying entries on small dips. A reasonable buy entry will be near 0.7540 with a target of 50 to 60 pips and a stop-loss at 0.7590.
An intraday closing above 0.7600 is needed for the bulls to further strengthen their hold. On the downside, bears require a sustained price action around 0.7500 to gain some control.
