AUDUSD likely to rebound

05 April 2021

AUDUSD currently stands at the 0.7570 support zone from where it is rebounding; this would be the second time (previously in Feb) that the pair is bouncing from this support zone, thus forming a potential double bottom. It formed a “Hammer” candlestick formation on 1st April suggesting buying interest at lower levels and further upside potential. It would be prudent to say that AUDUSD could advance towards 0.7665 and 0.7720 while it sustains above 0.7545.

Prepared by
Technical Analysis Team

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