It has been a long time since the AUD/USD pair, which is quite interesting and volatile, came to our attention. Well, today we will fill in this flaw and analyze this tool, where the main focus will be on technical analysis.
Weekly
Although today is already the middle of the trading week, for a more complete understanding of the technical picture for the "Aussie", we will start analyzing the weekly timeframe. Here you can see that the pair has stopped its upward trend, reaching the landmark psychological and technical level of 0.8000. In my opinion, this is not an accident at all, but rather a pattern. In all likelihood, the market is not yet ready to trade AUD/USD above the landmark level of 0.8000, which is confirmed by the "Shooting Star" reversal candle model, which appeared just after reaching this round mark. Next, the pair fell under the red line of the Tenkan Ichimoku indicator and already quite confidently gained a foothold under it. However, the bears' attempts to continue putting pressure on the exchange rate were limited to 0.7563, where the pair found quite strong support at last week's trading and bounced up from this level.
The trades of the current five-day period are still held with a slight dominance of players on the decline of the rate, however, we have not yet seen a repeat test for the breakdown of the support of 0.7563. And no wonder. After all, the main event of this trading week is still ahead. Let me remind you that data on the US labor market will be published on Friday. I believe that these most important macroeconomic reports will put everything in its place and will have a significant impact on the results of weekly trading. In the meantime, judging by the weekly chart, support is in the area of 0.7563-0.7500. Here, the characteristic point is that at the most important psychological and technical mark of 0.7500, the blue line of the Ichimoku Kijun indicator passes, which can strengthen support near this mark. The resistance is located in the area of 0.7785-0.7850, where the red Tenkan line is an important mark of 0.7800 and the resistance level is 0.7850.
Daily
On the daily chart, we see that the pair's attempts to return to the limits of the Ichimoku indicator cloud fail one after another. I also draw your attention to the fact that right above the resistance level of 0.7662 is the daily Tenkan line, which will try to prevent the pair from returning to the Ichimoku cloud. In my opinion, given the dominance of the US dollar across a wide range of the market, as well as the overall technical picture, it is better to give preference to AUD/USD sales after rises in the price area of 0.7660-0.7680. The confirmation signal for opening short positions will be the appearance in the selected area of the characteristic patterns of candle analysis at this or smaller time intervals.
