AUD/USD: general analysis

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Current trend

Australian currency stays in the upward channel against the US dollar . However, in the beginning of the week the AUD/USD pair significantly fell after the publication of positive US NY Empire State Manufacturing Index and positive USA Fed’s rhetoric.

Today the fall continued due to the poor September New Motor Vehicle Sales data in Australia. In addition, the investors’’ interest in AUD decreased due to the RBA commentaries that the high rate of the national currency affected the further economy growth of Australia badly, while USA Fed’s opinion upon the further interest rate rise this year hasn’t changed, despite of the poor September inflation level.

Today the US Industrial Production and Import Price Index are worth traders’ attention.

Support and resistance

In the short term the maintenance of the downward momentum to the lower border of the upward channel 0.7835, 0.7820 is expected. Then the demand on the USD can fall due to the poor US key economy sectors statistics. Technical indicators confirm the growth in the middle term, MACD reflects the maintenance of high volumes of long positions.

Resistance levels: 0.7850, 0.7860, 0.7900, 0.7915, 0.7940, 0.7985, 0.7930.

Support levels: 0.7835, 0.7820, 0.7800, 0.7775, 0.7700, 0.7650, 0.7630, 0.7600.

Trading tips

It’s better to increase the volume of long positions at the current level and open pending positions at the level of 0.7820 with the target at 0.7915, stop loss is 0.7780.
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