AUD/USD: Further Decline Likely
Yuri Papshev | Jun 02, 2021 07:41AM ET
From a technical point of view, the breakdown of important short-term support levels 0.7744, 0.7730 creates preconditions for further decline. A breakdown of the support level of 0.7680 will strengthen the negative dynamics of AUD/USD and direct it towards the key support levels 0.7615, 0.7530.
In an alternative scenario and if the current range tendency persists, the decline in AUD/USD will stop at the current levels. However, to resume buying, you should still wait for the AUD/USD to return to the zone above the resistance level of 0.7744.
Support levels: 0.7680, 0.7615, 0.7600, 0.7530, 0.7510, 0.7320
Resistance levels: 0.7730, 0.7744, 0.7774, 0.7815, 0.7835, 0.7980, 0.8000, 0.8160, 0.8200
Sell Stop 0.7690. Stop-Loss 0.7780. Take-Profit 0.7615, 0.7600, 0.7530, 0.7510, 0.7320
Buy by market, Buy Stop 0.7750. Stop-Loss 0.7690. Take-Profit 0.7744, 0.7774, 0.7815, 0.7835, 0.7980, 0.8000, 0.8160, 0.8200
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