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AUD/USD intraday: as long as 0.6599 is support look for 0.6662

2024-03-07
1065

Our pivot point stands at 0.6599.

Our preference: as long as 0.6599 is support look for 0.6662.

Alternative scenario: the downside breakout of 0.6599 would call for 0.6576 and 0.6562.

Comment: the RSI is trading above 70. This could mean that either the pair is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is positive and below its signal line. The pair could retrace. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 0.6609 and 0.6587).

Supports and resistances:

0.6689 **

0.6675 *

0.6662 **

0.6648

0.6621 last

0.6608

0.6599 **

The above information is provided by special analysts and is for reference only. CM Trade does not guarantee the accuracy, timeliness and completeness of the information content, so you should not place too much reliance on the information provided. CM Trade is not a company that provides financial advice, and only provides services of the nature of execution of orders. Readers are advised to seek relevant investment advice on their own. Please see our full disclaimer.

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