The Australian dollar shows a slight increase against the US currency in the Asian session, trying to gain a foothold above the 0.7400 mark. The tool quickly compensates for the results of the "bearish" dynamics at the end of the past week. Purchasing activity in the Australian currency was supported yesterday by the minutes of the Reserve Bank of Australia (RBA) meeting, which confirmed the regulator's readiness to adjust the volume of the quantitative easing program downwards in the near future.
Macroeconomic statistics from Australia do not find a noticeable response in the market. So, yesterday, traders reacted negatively to a decrease in mortgage lending volumes in June by 2.5% mom after an increase of 1.9% m/m in May. Today, the index of business activity in the construction sector from AiG added to the negative. In July, the indicator fell from 55.5 to 48.7 points, which turned out to be significantly worse than the average market forecasts.
Support and resistance levels
The Bollinger bands on the daily chart show a reversal in the horizontal plane within the forex forecast. The price range is fixed within fairly narrow boundaries, which prevent the development of corrective growth in the short term. The MACD indicator is growing, maintaining a relatively strong buy signal (the histogram is located above the signal line). Stochastic turned up again after a short decline, but is quickly approaching its maximum levels, indicating the risks of overbought in the ultra-short term.
Resistance levels: 0.7412, 0.7443, 0.7475, 0.7500.
Support levels: 0.7370, 0.7338, 0.7300
Trading Scenarios
Thus, AUD/USD forex forecast for August 5-6, 2021 to open long positions, you can rely on the breakdown of the 0.7412 mark up. Take profit - 0.7475-0.7500. The stop loss is 0.7370. Implementation period: 2-3 days.
A rebound from the level of 0.7412 as a resistance, followed by a breakdown of the 0.7370 mark down, can be a signal for new sales with a target of 0.7300. The stop loss is 0.7400.