24.02.202109:51 Forex Analysis & Reviews: Technical analysis of AUD/USD for February 24, 2021

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Overview :

The AUD/USD pair continues to move upwards from the level of 0.7800. Yesterday, the pair rose from the level of 0.7800 (the level of 0.7800 coincides with a ratio of 61.8% Fibonacci retracement) to a top around 0.7919.
Today, the first support level is seen at 0.7800 followed by 0.7775, while daily resistance 1 is seen at 0.7998.
According to the previous events, the AUD/USD pair is still moving between the levels of 0.7800 and 0.8041; for that we expect a range of 241 pips (0.8041 - 0.7800).
On the one-hour chart, immediate resistance is seen at 0.7946, which coincides with a ratio of 100% Fibonacci retracement , highs.
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 0.7946, we should see the pair climbing towards the daily resistance at 0.7998 to test it.
Consequently, the market is likely to show signs of a bullish trend. In other words, buy orders are recommended above 0.7800 with the first target at 0.7998.
Then, the pair is likely to begin an ascending movement to 0.8020 mark and further to 0.8041 levels. The level of 1.0128 will act as strong resistance, and the double top is already set at 0.7946.
On the other hand, the daily strong support is seen at 0.7711. If the AUDUSD pair is able to break out the level of 0.7711, the market will decline further to 0.6575 (daily support 3).
It would also be wise to consider where to place stop loss; this should be set below the third support of 0.6575.

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