Current trend
Today, the instrument has slightly strengthened against the background of the growth of the Australian index of leading economic indicators.
On Tuesday, the minutes of the last meeting of the Reserve Bank of Australia were published; according to them, the country's economy continues to grow even faster than expected. RBA's head, Philip Lowe, confirmed yesterday that the regulator will maintain the current monetary policy.
At the same time, commodity currencies are under pressure, as the US and China still cannot agree on trade disputes. The parties did not make a joint statement on the results of the APEC meeting, which was held this weekend, so the instrument is still under pressure.
Today at 15:30 (GMT+2), data on the US labor and real estate market, as well as on orders for durable goods will be published. Confirming a positive outlook for employment and sales growth in the existing homes market will contribute to a decrease in the instrument to 0.7150–0.7110.
Support and resistance
On the H4 chart the instrument is trading near the lower line of Bollinger Bands. Significant support is the level of 0.7210, the breakdown of which will form a signal to open positions for purchase. The indicator has corrected horizontally, and the price range widened, indicating the continuation of the downtrend. MACD histogram is in the negative zone keeping a weak sale signal.
Resistance levels: 0.7250, 0.7282, 0.7313, 0.7345.
Support levels: 0.7210, 0.7180, 0.7157, 0.7138, 0.7109.
Trading tips
Short positions may be opened from the current level with target at 0.7150 and stop loss at 0.7255.
Long positions may be opened above 0.7260 with target at 0.7305 and stop loss at 0.7240.
Implementation time: 1-2 days.
Scenario
Timeframe Intraday
Recommendation SELL
Entry Point 0.7232
Take Profit 0.7150
Stop Loss 0.7255
Key Levels 0.7109, 0.7138, 0.7157, 0.7180, 0.7210, 0.7250, 0.7282, 0.7313, 0.7345
Alternative scenario
Recommendation BUY STOP
Entry Point 0.7265
Take Profit 0.7305
Stop Loss 0.7240
Key Levels 0.7109, 0.7138, 0.7157, 0.7180, 0.7210, 0.7250, 0.7282, 0.7313, 0.7345
Today, the instrument has slightly strengthened against the background of the growth of the Australian index of leading economic indicators.
On Tuesday, the minutes of the last meeting of the Reserve Bank of Australia were published; according to them, the country's economy continues to grow even faster than expected. RBA's head, Philip Lowe, confirmed yesterday that the regulator will maintain the current monetary policy.
At the same time, commodity currencies are under pressure, as the US and China still cannot agree on trade disputes. The parties did not make a joint statement on the results of the APEC meeting, which was held this weekend, so the instrument is still under pressure.
Today at 15:30 (GMT+2), data on the US labor and real estate market, as well as on orders for durable goods will be published. Confirming a positive outlook for employment and sales growth in the existing homes market will contribute to a decrease in the instrument to 0.7150–0.7110.
Support and resistance
On the H4 chart the instrument is trading near the lower line of Bollinger Bands. Significant support is the level of 0.7210, the breakdown of which will form a signal to open positions for purchase. The indicator has corrected horizontally, and the price range widened, indicating the continuation of the downtrend. MACD histogram is in the negative zone keeping a weak sale signal.
Resistance levels: 0.7250, 0.7282, 0.7313, 0.7345.
Support levels: 0.7210, 0.7180, 0.7157, 0.7138, 0.7109.
Trading tips
Short positions may be opened from the current level with target at 0.7150 and stop loss at 0.7255.
Long positions may be opened above 0.7260 with target at 0.7305 and stop loss at 0.7240.
Implementation time: 1-2 days.
Scenario
Timeframe Intraday
Recommendation SELL
Entry Point 0.7232
Take Profit 0.7150
Stop Loss 0.7255
Key Levels 0.7109, 0.7138, 0.7157, 0.7180, 0.7210, 0.7250, 0.7282, 0.7313, 0.7345
Alternative scenario
Recommendation BUY STOP
Entry Point 0.7265
Take Profit 0.7305
Stop Loss 0.7240
Key Levels 0.7109, 0.7138, 0.7157, 0.7180, 0.7210, 0.7250, 0.7282, 0.7313, 0.7345