The Australian dollar shows a multidirectional trading dynamics against the US currency during the Asian session, consolidating near local highs and the 0.7400 mark. The instrument is supported by the weak positions of the US dollar, which is under pressure from disappointing macroeconomic statistics from the US on applications for unemployment benefits.
AUD/USD forex forecast and analytics today and July 26-27, 2021
At the same time, further growth of the currency pair is hindered by data from Australia, released today. Thus, the index of business activity in the services sector from the Commonwealth Bank in July fell sharply from 56.8 to 44.2 points, which turned out to be worse than analysts ' forecasts. The index in the manufacturing industry also fell from 58.6 to 56.8 points. In turn, the composite PMI index in July fell from 56.7 to 45.2 points.
Support and resistance levels
The Bollinger bands on the daily chart show a moderate decline in the forex framework . The price range narrows from below, reflecting the instrument's attempt to reverse the downtrend in the short term. The MACD indicator is growing, maintaining a weak buy signal (the histogram is located above the signal line). Stochastic shows a slightly more confident upward trend, signaling in favor of the development of a "bullish" trend in the ultra-short term.
The current readings of technical indicators do not contradict the further development of a full-fledged uptrend in the short and/or ultra-short term.
Resistance levels: 0.7400, 0.7443, 0.7475, 0.7500.
Support levels: 0.7338, 0.7300, 0.7265
Trading Scenarios
Thus, AUD/USD forex forecast for July 26-27, 2021 to open long positions, you can rely on the breakdown of the 0.7400 mark up. Take profit - 0.7500. The stop loss is 0.7350. Implementation period: 2-3 days.
The return of the "bearish" dynamics to the market with a breakdown of the 0.7338 level down may be a signal for new sales with a target of 0.7265. The stop loss is 0.7375.