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AUD / USD Daily Technical Analysis | 21 July 2017

2017-07-21 06:57 am | Resource: Technical Analysis Section | No Views : 158

AUD/USD ended yesterday's trading, cutting off a very large portion of its losses after the pair reached the 0.7876 level. The bulls managed to lead the pair to close at 0.7956.

The pair is trading in a sideways direction and the simple moving average without any upward or downward tendency to confirm that there is no direction.
The pair is now testing the resistance areas it has broken yesterday, but without sufficient momentum as the RSI 14 is trading in a bearish direction and is trading below 50 levels indicating that there is no strength in the buyers.
It is expected that the pair will retest the upper levels of the scallops that we mentioned previously at 0.7824, as a result of the presence of enough momentum to complete the ascending daily time frame.
Support: 0.7845, 0.7825, 0.7786
Resistance: 0.7945, 0.7978, 0.8071
Direction: Side way

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