AUDUSD Facing Resistance Around 0.7620 Area – Can Push Down?


AUDUSD has become volatile and corrective, but still holding the price below 0.7650 area. AUDUSD is facing resistance around 0.7620 event area. Can Bears push the price down in the coming days?  What are the charts and technical indicators are saying? Read more to find further insights into today’s AUD/USD Technical Analysis.

April 5, 2021, | AtoZ Markets – AUDUSD is currently trading around 0.7600 area and trying to push lower. After bouncing from 0.7530 to 0.7540 support level, the bulls have regained momentum and pushed the price higher quite impulsively, but failed to sustain the bullish pressure over 0.7620 to 0.7650 area. As per the current price action, the price may face strong resistance at the dynamic level on the intraday chart in the days ahead.

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AUDUSD Facing Resistance as the Event Level Working Strongly

AUDUSD is currently residing near 0.7600 area and trying to decline. However, the price is still residing below the Kumo Cloud on the daily chart.

AUDUSD Facing Resistance

Image: AUDUSD 4 Hour Chart

According to the 4-hour chart, AUDUSD is facing resistance and currently trading around 0.7600 area. As per the current price action, if the price can have an impulsive bearish candle close below the dynamic level, the bears may push the price downside towards 0.7540 to 0.7530 area again in the coming days.

Moreover, the dynamic level of 20 EMA is currently residing above the price. So, it may work as strong resistance if the price can have an impulsive 4-hour candle close below it. Besides, the MACD lines are still residing below the 0.00 level and may have a bearish crossover. It indicates that the bears may sustain the bearish pressure further in the process.

AUDUSD May Decline Further Lower

According to the daily chart, AUDUSD is facing resistance as the overall bias is still bearish. As per the current price action context, if the price can have an impulsive daily bearish candle close below 0.7650 to 0.7620 event level, the bears may continue the bearish pressure towards 0.7540 to 0.7530 area as a first target. The second target will be 0.7420 to 0.7400 area if the price can break below 0.7540 to 0.7530 area in the coming days.

AUDUSD Facing Resistance

Image: AUDUSD Daily Chart

In addition, the dynamic level of 20 EMA is currently residing above the price. Along with the Kijun line. So, the dynamic level may work as strong resistance to push the price downside. Besides, the Kijun line may work as a confluence of the dynamic level in the process.

To conclude, as long as the price residing below the Kumo Cloud, the bias will remain bearish. An impulsive daily close is needed to identify the definite momentum in the coming days. 

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