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21.01.202110:33 Forex Analysis & Reviews: Technical Analysis of AUD/USD for January 21, 2021

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Exchange Rates 21.01.2021 analysis

Overview :

The AUD/USD pair will continue to rise from the level of 0.7733. The support is found at the level of 0.7733, which represents the 50% Fibonacci retracement level in the H1 time frame.

The price is likely to form a double bottom. Today, the major support is seen at 0.7695, while immediate resistance is seen at 0.7733.

Accordingly, the AUD/USD pair is showing signs of strength following a breakout of a high at 0.7750.

We expect to see a strong reaction off this level to push price up towards 0.7775 before 0.7733 support (50% of Fibonacci retracement, horizontal swing low support).

So, buy above the level of 0.7750 with the first target at 0.7806 in order to test the daily resistance 1 and move further to 0.7828.

Also, the level of 0.7847 is a good place to take profit because it will form a new double top at the same time frame.

Amid the previous events, the pair is still in an uptrend; for that we expect the AUD/USD pair to climb from 0.7733 to 0.7847 in coming five days.

At the same time, in case a reversal takes place and the AUD/USD pair breaks through the support level of 0.7695, a further decline to 0.7625 can occur, which would indicate a bearish market.

Trading recommendations :

  • The AUD/USD pair has climbed along a steep, upward-sloping support channel since two weeks, the pair rose at an even more ambitious incline.
  • According to the previous events the price is expected to remain between 0.8 and 0.83 levels.
  • Buy-deals are recommended above 0.7733 with the first target seen at 0.7806. The movement is likely to resume to the point 0.7825 and further to the point 0.7847.
  • However, the decending movement is likely to begin from the level 0.7695 with 0.7660 and 0.7625 seen as targets.
Mourad El Keddani
Analytical expert of InstaForex
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