Technical analysis of AUD/USD for January 05, 2021

analytics5ff4196e73de9.jpg

A general review :

The trend of AUD/USD pair movement was controversial as it took place in tan uptrend channel. Due to the previous events, the price is still set between the levels of 0.7672 and 0.7803, so it is recommended to be careful while making deals in these levels because the prices of 0.7803 and 0.7672 are representing the resistance and support respectively. Therefore, it is necessary to wait till the uptrend channel is passed through. Then the market will probably show the signs of a bearish market. In other words, buy deals are recommended above the area of 0.7651 - 0.7672 with the first target at the level of 0.7742. From this point, the pair is likely to begin an ascending movement to the price of 1.0773 with a view to test the daily resistance at 0.7803.

Forecast :

If the pair fails to pass through the level of 0.7702, the market will indicate a bullish opportunity above the key level of 0.7702. In this regard, buy deals are recommended higher than the 0.7672 level with the first target at 0.7743. It is possible that the pair will turn upwards continuing the development of the bullish trend to the level 1.0773 - then continue next objective of 0.7803. However, stop loss has always been in consideration thus it will be useful to set it below the last double bottom at the level of 0.7558 (notice that the major support today has set at 0.7558).

Daily key levels :

  • Resistance 3 : 0.7803
  • Major resistance : 0.7773
  • Minor resistance : 0.7743
  • Pivot point : 0.7672
  • Minor support : 0.7651
  • Major support : 0.7602
  • Support 3 : 0.7558

Comment :

  • - The trend is still calling for a strong bullish market from the spot of 0.7672.
  • - Buyers are bidding for a low price.
  • - Please check out the market volatility before investing, because the sight price may have already been reached and scenarios might have become invalidated.
The material has been provided by InstaForex Company - www.instaforex.com