FX.co ★ Technical analysis of AUD/USD for August 12, 2020

Overview:

On the one-hour chart, the AUD/USD pair is moving in a bullish trend from the support levels of 0.7077 and 0.7046. Currently, the price is in a bullish channel.

In addition to this is confirmed by the RSI indicator signaling that we are still in a bullish trending market.

Owing to the price is still above the moving average (100), immediate support is seen at 0.7077, which coincides with the double bottom.

Consequently, the first support is set at the level of 0.7116. So, the market is likely to show signs of a bullish trend around the spot of 0.7100.

In other words, buy orders are recommended above the minor support of (0.7116) with the first target at the level of 0.7140. Furthermore, if the trend is able to breakout through the first resistance level of 0.7180.

We should see the pair climbing towards the double top (0.7244) to test it in coming days.

but on the other hand, it would also be wise to consider where to place a stop loss; this should be set below the second support of 0.7077.