AUD/USD: bulls gave in
Tatiana Norkina, FBS analyst
The bears managed to turn the course of trading around at the end of the previous week. Plummeting, supported by the dead cross of the four-hour Ichimoku indicator, made the pair enter the negative zone, and now the trades are carried out below the cloud. The cloud itself has changed the character for the bearish, confirming the end of the uptrend.
Today, the pair is trading around the lows of 2-3 weeks ago. There is a powerful support in the 76th figure area that can let the short-term bulls try to buy and restore the rate a little. A specific location of the Chinkou span line, indicating the market oversoldness, should be considered here as well.
Therefore, we are expecting a rebound to the Tenkan-sen line in the near future, with further intensification of the downtrend.
Technical levels: support – 0.7600; resistance – 0.7710, 0.7750.
1. Sell — 0.7710; SL — 0.7730; TP1 — 0.7630; TP2 — 0.7600.
2. Sell — 0.7750; SL — 0.7770; TP1 — 0.7630; TP2 — 0.7600.