AUD/USD | Australian Dollar to US Dollar Trading Analysis
"Risk aversion and the U.S. dollar go hand in hand," said CNBC Ray Attrill, head of foreign exchange strategy at the National Bank of Australia. Although the virus curve is leveling off, the economic impact of the crisis will continue for many years," Joe Capurso, a currency analyst at the Commonwealth Bank of Australia, told CNBC. Enterprises will need time to reopen, some of them will not be able to resume work, and the fight against unemployment will take years.
AUD/USD, 30 min
Pivot: 0.6231
Analysis:
Provided that the currency pair is traded above 0.6205, follow the recommendations below:
The timeframe: 30 min
Recommendation: long position
Entry point: 0.6231
Take Profit 1: 0.6250
Take Profit 2: 0.6275
Alternative scenario:
In case of breakdown of the level 0.6205, follow the recommendations below:
The timeframe: 30 min
Recommendation: short position
Entry point: 0.6205
Take Profit 1: 0.6180
Take Profit 2: 0.6155
Comment:
The support base at 0.6205 has been formed, which allowed to stabilize temporarily.
Key levels:
Resistance
Support
0.6300
0.6205
0.6275
0.6180
0.6250
0.6155
AUD/USD, D1
Pivot: 0.6175
Analysis:
While the price is below 0.6300, follow the recommendations below:
Time frame: D1
Recommendation: short position
Entry point: 0.6175
Take Profit 1: 0.5870
Take Profit 2: 0.5665
Alternative scenario:
If the level 0.6300 is broken-out, follow the recommendations below.
Time frame: D1
Recommendation: long position
Entry point: 0.6300
Take Profit 1: 0.6490
Take Profit 2: 0.6685
Comment:
As long as the resistance at 0.6300 is not broken through, the risk of breakout below 0.5870 remains high.
Key levels:
Resistance
Support
0.6685
0.5870
0.6490
0.5665
0.6300
0.5510
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