Overview: AUD/USD bounces off intraday low but remains range bound offered, The pair is still towards the downside in the market as we can see that the intraday is causing losses around 0.7342 pair in the market, the bulls are showing the false prediction as the market as the bears are causing strong force in the market. The Aussie pair recovered the previous day amid the market’s optimism following the US senate’s passage of the infrastructure spending plan. The pair is following the downtrend in the market and continuing with the downtrend in the market However, following chatters over the US budget and virus jitters from Australia changed the quote before the corrective pullback. The AUD/USD pair can snapped more towards the negative side in the market as the continuation of the downtrend is carrying on.
Technical Analysis: According to the based on the technical we can say that market is moving towards the downtrend in the market, the pair is still in the strong range bound position in the market. the higher resistance level is 0.7277 in the market after crossing this level the traders can take their trade towards the buy side in the market , till then the sellers can take their position towards the sell side , as the potential EMA and SMA are still above the price action as which carry the bearish sign in the market. The RSI is still below the 50 level as well as the MACD also creates the sell side in the market. As the odds are still in favor of the bears. So the traders can take their position towards the selling side.
