It's time to analyze a rather interesting AUD/USD currency pair. First of all, this pair is interesting because it shows market participants' degree of risk sentiment. I believe that at the moment, the main influence on the price dynamics of AUD/USD is the situation with the spread of the new COVID-19 delta strain. So, in some densely populated cities and even regions of Australia, lockdown is still observed, and more than half of the population lives in these territories. In the United States of America, everything is also not going smoothly with the spread and number of people infected with the delta strain of coronavirus infection.

In general, the delta variant of COVID-19 raises concerns about the recovery of the entire global economy. In such a situation, the US dollar is in great demand since it is a protective asset. As for the monetary policy of the RBA and the Fed, the Australian regulator is currently not considering raising interest rates earlier than 2024. In turn, the Fed is not in a hurry to tighten its monetary policy and prefers to keep it in the current mode. Let's look at the AUD/USD price charts, and let's start with the weekly timeframe.

Weekly

As you can see, the current decline of the pair was stopped by the orange 200 exponential moving average and the black 89 EMA. Together, these two exhibitors provided strong support to the quote and provoked an excellent rebound upwards. At the time of writing, the weekly candle has a long lower shadow. If everything ends like this, there will be prerequisites to count on the subsequent rise of the pair. However, everything is quite complicated here. It should be noted that the "Aussie" is trading within the Ichimoku indicator cloud. To get out of it up, you will need to break through a very important and significant psychological level of 0.7500, the 50 simple moving average, and the red Tenkan line of the Ichimoku indicator, which passes at 0.7545.

However, the current decline can be classified as a correction to the long-term growth of 0.5510-0.8007. As you can see, the pair is trading near the first pullback level of 23.6 of the indicated growth. If the "Aussie" bears manage to close the current week below 200 EMA and 89 EMA, most likely, we will see a deeper corrective pullback, the goals of which will be one more significant, strong, and important price zone of 0.7050-0.7000. We are waiting for the final formation of the current weekly candle, based on which it will be possible to draw clearer conclusions.

Daily

But on the daily chart, the picture is increasingly becoming bullish. The chart clearly shows that the pair has found strong support and is trying to turn around to resume growth. However, we have to pay attention to the red line of the Tenkan of the Ichimoku indicator, which so far does not let the quote go higher. The nearest and quite strong support is observed near the mark of 0.7400. From here, AUD/USD has turned around today and is trading with a slight decrease at the end of the article. In such a situation, I suggest trying both positioning options. For sales, I recommend taking a closer look at the price zone of 0.7390-0.7430. It is reasonable to consider purchases near 0.7300, where there is strong support.