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AUD/USD forex forecast and analytics today and August 9-10, 2021

AUD/USD, currency, AUD/USD forex forecast and analytics today and August 9-10, 2021

The Australian dollar shows a decline against the US currency at the Asian session, correcting after a moderate growth the day before, which returned the instrument to its previous local highs since July 16.

Bidders are fixing long positions before the publication of the final report on the US labor market for July. As before, investors are counting on fairly strong data that would allow the US Federal Reserve to begin a gradual reduction of existing incentives, as the representative of the regulator, Richard Clarida, spoke about this week, for example.

In turn, the speech of the head of the Reserve Bank of Australia (RBA) Philip Lowe provides moderate support for the instrument today. In his speech, the official spoke a lot about the outstanding pace of recovery of the Australian economy, and also noted that the unemployment rate in June fell to 4.9%, which was even lower than it was before the pandemic. The head of the regulator stressed the effectiveness of the measures taken, which made it possible to achieve such results.

Support and resistance levels

The Bollinger bands on the daily chart show flat dynamics within the forex forecast. The price range is actively narrowing from the bottom, indicating the mixed nature of trading in recent days. The MACD indicator is growing, maintaining a weak buy signal (the histogram is located above the signal line). Stochastic, approaching the "80" mark, turned down again, reacting to the "bearish" dynamics of the Friday morning session.

  • 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 9-10, 2021 to open long positions, you can rely on the breakdown of the 0.7412 mark up. Take profit — 0.7475. The stop loss is 0.7380. Implementation period: 2-3 days.

A confident breakdown of the 0.7370 level down may be a signal for new sales with a target of 0.7300. The stop loss is 0.7412.

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Symbols AUD/USD

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