AUD/USD: technical analysis and trading recommendations_05/19/2021

 
 
 
 
 
 
 

AUD / USD today broke through the important short-term support levels 0.7774 (ЕМА200 on the 1-hour chart), 0.7744 (ЕМА200 on the 4-hour charts), thereby creating preconditions for further decline.

Breakdown of the support levels 0.7730 (ЕМА50 on the daily chart and the lower line of the ascending channel on the weekly chart), 0.7688 (local lows) will strengthen the negative dynamics of AUD / USD and direct it towards the key support levels 0.7600 (ЕМА144 on the daily chart), 0.7510 (ЕМА200 on the daily chart and Fibonacci level 50% of the correction to the wave of decline in the pair from the level of 0.9500 in July 2014 to the lows of 2020 near the level of 0.5510).

A breakdown of the support level 0.7320 (ЕМА200 on the weekly chart) will finally return AUD / USD into a long-term downtrend.

In an alternative scenario, the decline in AUD / USD will stop at current levels. However, to resume buying, you should still wait for the AUD / USD to return into the zone above the resistance level 0.7774.

A breakdown of the local resistance level 0.7815 (April highs) will become a confirmation signal for the resumption of long positions with a distant target at 0.8160 (the upper border of the ascending channel on the weekly chart).

Support levels: 0.7744, 0.7730, 0.7700, 0.7688, 0.7600, 0.7510, 0.7480, 0.7320

Resistance levels: 0.7774, 0.7815, 0.7850, 0.7980, 0.8000, 0.8160

Trading Recommendations

Sell Stop 0.7725. Stop-Loss 0.7775. Take-Profit 0.7700, 0.7688, 0.7600, 0.7510, 0.7480, 0.7320

Buy Stop 0.7775. Stop-Loss 0.7725. Take-Profit 0.7815, 0.7850, 0.7980, 0.8000, 0.8160