- On the H1 chart :
Overview :
- The article will be relevant : 5 days (From Thursday 07, 2021 to Monday 11, 2021).
The AUD/USD pair (Australian Dollar) is struggling to get a daily close above the level of 0.7684.
The AUD/USD pair has already formed minor support at 0.7742. The strong support is seen at the level of 0.7684 because it represents the weekly support 1.
A bounce would place the upper line of an ascending channel as weekly support 1 (0.7684).
The RSI is still signaling that the trend is upward as it is still strong above the moving average (100). Positive RSI divergence warns that the pair may turn higher in the near-term.
This suggests the pair will probably go up in coming hours. Accordingly, the market is likely to show signs of a bullish trend.
Buy orders are recommended above the region of 0.7742 - 0.7684 with the first target at the level of 0.7821.
The level of 0.7821 will act as strong resistance and the double top is already set at the point of 0.7821
From this point, the pair is likely to begin an ascending movement to the point of 0.7875 and further to the level of 0.7920.
- On the H4 chart :
Looking at the four-hours chart shows a rather interesting development on the January 2021 high around 0.7742. First, the pair seems to be confined in an ascending channel.
Now, the price is set above the level of 0.7684 to act as a daily pivot point. It should be noted that volatility is very high for that the AUD/USD pair is still moving between 0.7684 and 0.7875 in coming hours.
Furthermore, the price has been set above the strong support at the levels of 0.7684 and 0.7742, which coincides with the 61.8% and 78% Fibonacci retracement level respectively.
Additionally, the price is in a bullish channel now. Amid the previous events, the pair is still in an uptrend.
The GBP/USD pair is continuing in a bullish trend from the new support levels of 0.7684 and 0.7742.
Thereupon, the price area of 0.7684/0.7742 remains a significant support zone. Therefore, a possibility that the GBP/USD pair will have upside momentum is rather convincing and the structure of a rise does not look corrective; in order to indicate a bullish opportunity above 0.7684/0.7742.
Buy above 0.7684 or/and 0.7742 with the first targets at 0.7821, 0.7875, then continue towards the next objective 0.7920.
On the other hand, a break below support via a daily close below 0.7642 exposes the 50% Fibonacci retracement at 0.7642. If the pair can get below that, the next target seems to by the December 2020 low around 0.7642 . There may be some heightened volatility in the Australian Dollar. However, if a breakout happens at the support level of 0.7642, then this scenario may become invalidated.
Conclusion :
The market is indicating a bullish opportunity above the above-mentioned support levels (0.7500, 0.7574, 0.7600, 0.7642), for that the bullish outlook remains the same as long as the 100 EMA is headed to the upside.
- On the M30 chart :
- Trading recommendations :
According to the previous events the price is expected to remain between 0.7684 and 0.7920 levels.
Buy-deals are recommended above 0.7684 with the first target seen at 0.7821. The movement is likely to resume to the point 0.7875 and further to the point 0.7920. The major support level is seen at 0.7500, currently, the price is moving in a bullish channel now.
