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09.02.202119:27 Forex Analysis & Reviews: Technical analysis of AUD/USD for February 09, 2021

Forex Analysis & Reviews :

• Pair : AUD/USD
• Pivot : 0.7663
• Signal :

Buy orders are recommended above the spot of 0.7565 with the first target at the level of 0.7663; and continue towards the targets of 0.7723, then reach the top point at 0.7821. However, if the AUD/USD pair fails to break through the resistance level of 0.7663 today, the market will decline further to 0.7520.

Overview :

• The AUD/USD pair has faced strong support at the level of 0.7565 because resistance became support. So, the strong resistance has already faced at the level of 0.7565 and the pair is likely to try to approach it in order to test it again. The level of 0.7565 represents the last bearish wave (bottom) for that it is acting as minor support this week. Furthermore, the AUD/USD pair is continuing to trade in a bullish trend from the new support level of 0.7565. Currently, the price is in a bullish channel as long as the trend is still trading above the area of 0.7565 and 0.7600. According to the previous events, we expect the AUD/USD pair to move between 0.7565 and 0.7821. Also, it should be noticed that the double top is set at 0.7821. Additionally, the RSI is still signaling that the trend is upward as it remains strong above the moving average (100). This suggests the pair will probably go up in coming hours. Accordingly, the market is likely to show signs of a bullish trend. Therefore, strong support will be found at the level of 0.7565 providing a clear signal to buy with a target seen at 0.7663. If the trend breaks the minor resistance at 0.7663, the pair will move upwards continuing the bullish trend development to the level 0.7723 in order to test the daily resistance 2. The AUD/USD pair is showing signs of strength following a breakout of the highest level of 0.7723. On the H4 chart. the level of 0.7625 coincides with 23.6% of Fibonacci, which is expected to act as minor support today. Since the trend is above the 23.6%Fibonacci level, the market is still in an uptrend. But, major support is seen at the level of 23.6%. Again the trend is still showing strength above the moving average (100). Thus, the market is indicating a bullish opportunity above the above-mentioned support levels, for that the bullish outlook remains the same as long as the 100 EMA is headed to the upside.

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Mourad El Keddani,
Analytical expert of InstaSpot
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