AUD/USD: Makes an accumulation at 0.760

Thang Le Independent Analyst

Trend analysis

On the daily chart, AUD/USD is bullish (this uptrend was formed on 4/2020). AUD/USD is moving around 0.756 - 0.766 and makes a dovish sign for this week.

Resistance/support levels

The resistances are 0.770 and 0.786.

The supports are 0.756 and 0.740.

Moving average

On the daily chart, the EMA20 crossed the SMA50 and went down, showing the short-term bullish trend. Both the two SMA50/EMA20 are above the SMA200 and make a huge distance, so the bulls keeps on dominating the trend on the mid-term and long-term.

On the 4-hour chart, the EMA20 crossed continuously the SMA50, which makes an accumulation. However, both the EMA20/SMA50 keep on with going down and make distance from the SMA200, so in this week, there is a chance for AUD/USD to retest the trendline at 0.766

On the 1-hour chart, the EMA20 crossed the two SMA50/SMA200 and went down. Traders should keep an eye on the SMA50, if it crosses the SMA200 and goes down, that is clearly that the bears will significantly join.

Author

Thang Le

Independent Analyst

Thang Le is founder and owner of PSK - a financial community in Vietnam which at: Advising on strategic investment for individuals; Supporting the development of the investment community. He is Financial Analyst at Lion Group Hol

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