- April 8, 2021
- Posted by: cabana-admin
- Category: Forex Broker, forex trading, Market Insights
General overview: AUD/USD pair falls below the support level 0.7600 level and creates the buy side towards the market. A co-ordinate sanctioning of Chinese officials prompted fresh fresh around AUD/USD. A sustained breakthrough below the 0.7600 mark should pave the way for further bullishness. The AUD/USD pair fined support near level 0.7600 and keeps bullish trading on the Thursday. The bullish sentiments in market makes the pure buy side in the market. The pairs are towards the buy side in the market and favoring the bullish traders in the market.
Technical analysis: From the technical point of view we can say that market makes the bullish side in the market. The pair makes the positive side in the market and creates the potential bullishness in the chart. Despite the negative factors, the AUD/USD pair, so far, has managed to cross level 0.7600. A sustained breakthrough will mark a near-term bullish breakdown. The pair is above the major and minor EMA and SMA lines and formed the potential buy sign towards the market. Odds are also favour of the bulls in market. On the hourly chart the market breaks rounding top and again finding the place for the bulls to setup in the market. The RSI is also above the 50 level and macd is also above zero level in the market. The support level will be 0.7587 followed 0.7537 and resistance will be 0.7687 followed by 0.7917.
Trade idea: Our traders will move towards the buy side in the market entry will be 0.7636 target will be 0.7696 -0.7736 stop loss will be 0.7556.