22.10.202010:44 Forex Analysis & Reviews: Technical analysis of AUD/USD for October 21, 2020

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Overview :

The AUD/USD pair broke resistance, which turned into strong support at 0.7073.

Right now, the pair is trading above this level (0.7073). It is likely to trade in a higher range as long as it remains above the support (0.7073), which is expected to act as a major support today.

Therefore, there is a possibility that the AUD/USD pair will move upwards and the structure does not look corrective. The trend is still below the 100 EMA for that the bullish outlook remains the same as long as the 100 EMA is headed to the upside.

We expect to see a strong reaction off this level to push price up towards 0.7132 before 0.7073 support (Fibonacci retracement, horizontal swing high support).

RSI (14) sees major ascending resistance line acting as support to push price up from the zone of 0.7073.

From this point of view, the first resistance level is seen at 0.7132 followed by 0.7195, while daily support 1 is seen at 0.7073 (23.6% Fibonacci retracement).

According to the previous events, the AUD/USD pair is still moving between the levels of 0.7100 and 0.7195; so we expect a range of 95 pips at least in coming hours.

Consequently, buy above the level of 0.7100 with the first target at 0.7158 so as to test the daily resistance 1 and further to 0.7195. Besides, the level of 0.7195 is a good place to take profit because it will form a double top.

On the contrary, in case a reversal takes place and the AUD/USD pair breaks through the support level of 0.7023, a further decline to 0.7020 can occur, which would indicate a bearish market.

Overall, we still prefer the bullish scenario, which suggests that the pair will stay below the zone of 0.7023 today.

Forecast :

According to the previous events the price is expected to remain between 0.7073 and 0.7195 levels.

Buy-deals are recommended above 0.7073 with the first target seen at 0.7132. The movement is likely to resume to the point 0.7158 and further to the point 0.7195. However, if a breakout happens at 0.7049, this scenario may be invalidated.

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