12.01.202110:54 Forex Analysis & Reviews: Technical analysis of AUD/USD for January 12, 2021

Intraday bias in the AUD/USD pair remains bullish for the moment. On the upside, break of 0.7690 pivot will indicate short term topping.

On bullish divergence condition in one-hour RSI. Intraday bias will be turned back to the upside for deeper correction to 0.7763 resistance first.

On the upside, break of 0.7720 will resume larger up trend from 0.7720 (61.8% Fibonacci retracement levels) to the double top 0.7821.

In coming three days, The AUD/USD pair will continue to move upwards from the level of 0.7690.

Yesterday, the pair rose from the level of 0.9866 (the level of 0.9866 0.7658 coincides with a ratio of 38.2% Fibonacci retracement) to a top around 0.7718.

Today, the first support level is seen at 0.7658 followed by 0.7620, while daily resistance 1 is seen at 0.7763.

According to the previous events, the AUD/USD pair is still moving between the levels of 0.7658 and 0.7821; for that we expect a range of 163 pips (0.7821 - 0.7658).

On the one-hour chart, immediate resistance is seen at 0.7763, which coincides with a ratio of 78% Fibonacci retracement. Currently, the price is moving in a bullish channel.

This is confirmed by the RSI indicator signaling that we are still in a bullish trending market. The price is still above the moving average (100), Therefore, if the trend is able to break out through the first resistance level of 0.7763, we should see the pair climbing towards the daily resistance at 0.7821 to test it.

Rebuy orders are recommended above 0.7821 with the third target at 0.7875. Then, the pair is likely to begin an ascending movement to 0.7875 because the level of 0.7875 will act as strong resistance, and the double top is already set at 0.7821.

It would also be wise to consider where to place stop loss; this should be set below the second support of 0.7620.