AUDUSD bears regained momentum and holding the bias below 0.7800 to 0.7780 resistance level. AUDUSD sustains below 0.7800 psychological event level. Will AUDUSD decline further 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.
March 15, 2021, | AtoZ Markets – AUDUSD is currently trading around 0.7735 area and trying to push lower. After rejecting 0.8000 to 0.7980 key resistance area, the bears pushed the price down quite impulsively and broke below 0.7800 to 0.7780 event level with an impulsive weekly bearish candle. As per the current price action, the price may face strong support around 0.7620 to 0.7600 area again in the coming days.
In addition, a surge in security yields, fears about rising expansion, and a bounce forward in interest rate assumptions will be top of attention for investors at the current week’s Federal Reserve strategy meeting. On the other hand, Australia’s economy is still under pressure as on Saturday recorded the first neighborhood COVID-19 case in over about two weeks after a doctor tested positive for the Covid-19, setting limitations in territory medical clinics.
AUDUSD Sustains Below as the Bears Are Optimistic
AUDUSD is currently residing near 0.7735 area and trying to decline further. However, the price also broke below the dynamic level of 20 EMA on the intraday chart.
Image: AUDUSD 4 Hour Chart
According to the 4-hour chart, AUDUSD sustains below and currently trading around 0.7735 area. As per the current scenario, if the price can have an impulsive bearish candle close below 0.7725 area, the bears may sustain the bearish pressure towards 0.7620 to 0.7600 support level in the coming days.
In addition, the dynamic level of 20 EMA is currently residing above the price. So, it may push the price downside as strong resistance in the process. Moreover, the MACD lines are currently residing above the 0.00 level and had a bearish crossover. It indicates that the bears may continue the bearish pressure further in the days ahead.
AUDUSD May Decline Further
According to the daily chart, AUDUSD sustains below as the bears are still residing on the market. As per the current price action, if the price can have an impulsive bearish candle close below the last candle’s low, the bears may push the price downward towards 0.7620 to 0.7600 area as a first target. The second target will be 0.7450 to 0.7400 area if the price can break below 0.7620 to 0.7600 area in the process. Alternatively, if the price pushed lower and faced support around 0.7620 to 0.7600 support level and have a daily bullish candle, the bulls may regain momentum and recover higher towards 0.7780 to 0.7800 area in the coming days.
Image: AUDUSD Daily Chart
Furthermore, the dynamic level of 20 EMA is currently residing above the price. Along with the Bollinger Bands middle band. So, the dynamic level may act as strong resistance to push the price downside. Besides, the Bollinger Bands’ middle band may work as a confluence of the dynamic level in the process.
To conclude, the price has successfully retraced higher towards 0.7780 to 0.7800 area after an impulsive bearish momentum. As long as the price residing below 0.7800 to 0.7780 resistance area, the bias will remain bearish. A daily close is required to identify the definite momentum in the coming days.