The Australian dollar (AUD/USD), is among the best performing currencies alongside the British pound, now trading against its US rival at the 0.7933 area, its highest level in three years.
The positive momentum of the Aussie was supported by the resurgence in commodity prices, with gold recovering above the $ 1,800 level.
The AUD/USD pair is trading near the +2/8 murray. located at 0.7934 this level is an extreme overbought zone, with a probability of an imminent correction.
In 4-hour charts, the Eagle indicator is in the overbought terrain, there is the probability of an immediate correction in the next few hours.
Therefore, our recommendation is to sell below the murray line of +2/8, below 0.7934. If the price pulls back above this level, we must wait for the price to return to quote below that zone for a sell position.
Therefore we recommend selling below 0.7934 with targets at 0.7873 and 0.7830 in this area is the SMA of 21, it could give it a technical rebound.
Support And Resistance Levels For February 23 - 24, 2021
Resistance (1) 0.7942
Resistance (2) 0.7975
Resistance (3) 0.8005
Support (1) 0.7868
Support (2) 0.7822
Support (3) 0.7776
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Trading tip for AUD/USD for February 23 - 24, 2021
Sell below around 0.7934 (+2/8 of murray) with take profit at 0.7873, and 0.7830 (SMA 21), stop loss above 0.7975.
