AUD/USD: general review
Current trend
The pair continued to fall against the background of the publication of weak macroeconomic statistics in Australia. The volume of private sector lending decreased, which led to a decline in business activity. Today, the pair has overcome two significant resistance levels of 0.7760 and 0.7735.
However, the USD received strong support from the speech of the new chairman of the Fed, Jerome Powell. The head of the American regulator noted that the US economy demonstrates steady growth; inflation is approaching target levels, which is a very important argument for further tightening of monetary policy.
Today is saturated with a lot of important economic releases from the US, which is likely to cause strong volatility in the market. At 15:30 (GMT+2), the publication of statistics on private consumption expenditure and labor market data is expected. At 17:00 (GMT+2), market participants will follow the speech of the head of the Fed, as well as the output of statistics on business activity in the manufacturing sector and on inflation.
Support and resistance
In the H4 chart there is a correction of the downward movement. The instrument is trading at the lower Bollinger band. The indicator is corrected sideways, and the price range expands significantly, indicating further decline of the pair. MACD histogram is in the negative zone keeping a strong sell signal. Stochastic entered the oversold area; there is no signal for entering the market.
Support levels: 0.7600, 0.7625, 0.7650, 0.7685, 0.7720.
Resistance levels: 0.7755, 0.7775, 0.7800, 0.7815, 0.7835, 0.7865.
Trading tips
Short positions may be opened at the current price with targets at 0.7650, 0.7625 and stop-loss at 0.7775. Implementation period: 1-2 days.
Long positions may be opened above the level of 0.7775 with targets at 0.7835, 0.7865 and stop-loss at 0.7715. Implementation period: 1-2 days.
Australian vs US Dollar
Buy Sell Spread
0.77259 0.77236 23
Scenario
Timeframe Day's Range
Recommendations SELL
Entry Point 0.7736
Take Profit 0.7650, 0.7625
Stop Loss 0.7775
Support levels 0.7600, 0.7625, 0.7650, 0.7685, 0.7720, 0.7755, 0.7775, 0.7800, 0.7815, 0.7835, 0.7865
Alternative scenario
Recommendations BUY STOP
Entry Point 0.7780
Take Profit 0.7835, 0.7865
Stop Loss 0.7715
Support levels 0.7600, 0.7625, 0.7650, 0.7685, 0.7720, 0.7755, 0.7775, 0.7800, 0.7815, 0.7835, 0.7865
The pair continued to fall against the background of the publication of weak macroeconomic statistics in Australia. The volume of private sector lending decreased, which led to a decline in business activity. Today, the pair has overcome two significant resistance levels of 0.7760 and 0.7735.
However, the USD received strong support from the speech of the new chairman of the Fed, Jerome Powell. The head of the American regulator noted that the US economy demonstrates steady growth; inflation is approaching target levels, which is a very important argument for further tightening of monetary policy.
Today is saturated with a lot of important economic releases from the US, which is likely to cause strong volatility in the market. At 15:30 (GMT+2), the publication of statistics on private consumption expenditure and labor market data is expected. At 17:00 (GMT+2), market participants will follow the speech of the head of the Fed, as well as the output of statistics on business activity in the manufacturing sector and on inflation.
Support and resistance
In the H4 chart there is a correction of the downward movement. The instrument is trading at the lower Bollinger band. The indicator is corrected sideways, and the price range expands significantly, indicating further decline of the pair. MACD histogram is in the negative zone keeping a strong sell signal. Stochastic entered the oversold area; there is no signal for entering the market.
Support levels: 0.7600, 0.7625, 0.7650, 0.7685, 0.7720.
Resistance levels: 0.7755, 0.7775, 0.7800, 0.7815, 0.7835, 0.7865.
Trading tips
Short positions may be opened at the current price with targets at 0.7650, 0.7625 and stop-loss at 0.7775. Implementation period: 1-2 days.
Long positions may be opened above the level of 0.7775 with targets at 0.7835, 0.7865 and stop-loss at 0.7715. Implementation period: 1-2 days.
Australian vs US Dollar
Buy Sell Spread
0.77259 0.77236 23
Scenario
Timeframe Day's Range
Recommendations SELL
Entry Point 0.7736
Take Profit 0.7650, 0.7625
Stop Loss 0.7775
Support levels 0.7600, 0.7625, 0.7650, 0.7685, 0.7720, 0.7755, 0.7775, 0.7800, 0.7815, 0.7835, 0.7865
Alternative scenario
Recommendations BUY STOP
Entry Point 0.7780
Take Profit 0.7835, 0.7865
Stop Loss 0.7715
Support levels 0.7600, 0.7625, 0.7650, 0.7685, 0.7720, 0.7755, 0.7775, 0.7800, 0.7815, 0.7835, 0.7865
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