(Bullish features to consider) Based off of Chart Patterns, a Descending Triangle starting from: 23:00 07-05-2021 (visible from the 1-hour chart) is forming and indicates an impending price change; volume is also trending down which is good for the over-all Bullish scenario. To enforce the possible uptrend even further, there is a rounding bottom that started forming on: 07-05-2021 16:00. The rounding-bottom price target is: 0.75992 (which is also the top of the Ascending-Triangle.) The RSI and Exponential Moving Average are both showing a possible swing to the upside (along with other indicators I use in my own trading techniques that show current entry points.)
(Bearish features to consider) Based off of Trending/Fundamentals: A possible downtrend could happen (Melbourne recently announced another lockdown due to the spread of the current delta variant.) There is strong support at 0.74137, which is the previous peak formed on August 31st-September 1st 2020.) The support found at 0.74137 is also a good "dividing trend-line" to indicate if price will take a swing to the down/upside. The lockdown for Melbourne is reported as a "snap five-day lockdown from midnight, joining Sydney in imposing stay-at-home restrictions as the delta strain of the "virus" spreads around Southwest Australia, the nation's most populated region." quoted from a Bloomberg Article titled: "Melbourne Locked Down Again as Australia's Delta Outbreak Grows." By: Georgina McKay. This will be Australia's fifth lockdown.
Additional information to consider: At the time of writing 07-15-2021, Australia only has 9.1% of their population fully vaccinated. Extended lockdowns would most certainly weaken the Australian Dollar. Further controversy surrounds the AstraZeneca vaccine, one of only two vaccines available at the moment to the region, halting further vaccination efforts. Lastly I’ve added possible entry points for both a Bullish and Bearish scenario to consider.
(Bearish features to consider) Based off of Trending/Fundamentals: A possible downtrend could happen (Melbourne recently announced another lockdown due to the spread of the current delta variant.) There is strong support at 0.74137, which is the previous peak formed on August 31st-September 1st 2020.) The support found at 0.74137 is also a good "dividing trend-line" to indicate if price will take a swing to the down/upside. The lockdown for Melbourne is reported as a "snap five-day lockdown from midnight, joining Sydney in imposing stay-at-home restrictions as the delta strain of the "virus" spreads around Southwest Australia, the nation's most populated region." quoted from a Bloomberg Article titled: "Melbourne Locked Down Again as Australia's Delta Outbreak Grows." By: Georgina McKay. This will be Australia's fifth lockdown.
Additional information to consider: At the time of writing 07-15-2021, Australia only has 9.1% of their population fully vaccinated. Extended lockdowns would most certainly weaken the Australian Dollar. Further controversy surrounds the AstraZeneca vaccine, one of only two vaccines available at the moment to the region, halting further vaccination efforts. Lastly I’ve added possible entry points for both a Bullish and Bearish scenario to consider.