For Traders

Analytical Reviews

Technical analysis

23.04.202111:16 Forex Analysis & Reviews: Technical Analysis of EUR/USD for April 23, 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.

Overview :

The AUD/USD pair has broken resistance at the level of 0.7702, which acts as support now. So, the pair has already formed minor support at 0.7702.

The strong support is seen at the level of 0.7702 because it represents the weekly pivot. In the H1 time frame, the RSI and the moving average (100) are still pointing to the upside.

The price of 0.7702 is coinciding with the ratio of 61.8% Fibonacci.

Therefore, the market indicates a bullish opportunity at the level of 0.7702. Buy above the minor support of 0.7702 with a target at 0.7816

Accordingly, the AUD/USD pair is showing signs of strength following a breakout of a high at 0.7871.

So, rebuy above the level of 0.7871 with the first target at 0.7850 in order to test the daily resistance 1 and move further to 0.7878.

On the other hand, if the pair closes below the minor support (0.7674), the price will fall into the bearish market in order to go further towards the strong support at 0.7586.

Note 1 : the double bottom is seen at the level of 0.7586.
Note 2 : If the trend is buoyant, then the currency pair strength will be defined as following: AUD is in an uptrend and USD is in a downtrend.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.