AUDUSD Indecisive Below 0.7750 Resistance Level – Can Bears Regain Momentum?


AUDUSD volatility increased and still residing inside the ranges of 0.7850 to 0.7550 area. AUDUSD indecisive below 0.7750 psychological resistance level. Can bears regain momentum 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.

June 7, 2021, | AtoZ Markets – AUDUSD is currently trading around 0.7735 area and trying to push downside. After rejecting the bullish flag pattern’s resistance, the bears have regained momentum and pushed the price down quite impulsively, but failed to continue the bearish pressure below 0.7660 to 0.7650 support level and bounced upward again. As per the current price action, the price may face strong resistance around 0.7740 to 0.7750 area again in the coming days.

AUDUSD Indecisive Below as the Event Level Working Strongly

AUDUSD is currently residing near 0.7735 area and trying to push lower. However, the price also facing resistance at the dynamic level of 20 EMA on the daily chart.

AUDUSD Indecisive

Image: AUDUSD 4 Hour Chart

According to the 4-hour chart, AUDUSD indecisive and currently trading around 0.7735 area. As per the current scenario, if the price can have an impulsive bearish candle close below 0.7750 to 0.7740 resistance level, the bears may regain momentum and push the price down towards 0.7660 to 0.7650 area in the coming days. On the contrary, if the price can break above the bullish flag pattern’s resistance with an impulsive bullish candle, the price may recover upward towards 0.7800 to 0.7815 area in the process.

In addition, the dynamic level of 20 EMA is currently residing below the price, which may work as strong support to push the price upside. However, the bears may regain momentum if the price can break below the dynamic level in the days ahead. Moreover, the Stochastic Oscillator lines are currently residing above the overbought level 80 and had a bearish crossover. It indicates that the bears may regain momentum in the process.

AUDUSD May Continue Lower

According to the daily chart, AUDUSD indecisive below 0.7750 to 0.7740 resistance level. As per the current price action context, if the price can have an impulsive daily bearish candle close below 0.7750 to 0.7740 resistance area, the bears may regain momentum and push the price down towards 0.7660 to 0.7650 area as a first target. The second target will be 0.7570 to 0.7550 area if the price can break below 0.7660 to 0.7650 support level in the coming days.

AUDUSD indecisive

Image: AUDUSD Daily Chart

Furthermore, the dynamic level of 20 EMA is currently residing above the price. Along with the Kijun line. So, the dynamic level of 20 EMA may act as strong resistance to push the price downside. Besides, the Kijun line may work as a confluence of the dynamic level in the process. Along with this, the Kumo Cloud is still holding the price as strong resistance, which indicates that the bears may regain momentum in the days ahead.

To conclude, as long as the price residing below 0.7750 to 0.7740 resistance area, the bias will remain bearish. A daily close is needed to identify the definite momentum in the coming days. 

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