AUDUSD Oversold On Daily; Bounces May Be Targeted

18 Haz 2021

AUDUSD is in the bearish area on the daily chart on the left. However, we note that the RSI is below 20 and oversold, which may lead to a normalisation of the oscillator reading. In this regard, the hourly chart on the right shows the stochastic in bullish mode and the EMAs attempting to golden cross. There is overhead resistance around the 0.76-0.7620 area (blue shaded area). If the AUDUSD is bid at current, this resistance area may be a key level targeted by shorts.