Source: PaxForex Premium Analytics Portal, Technical Insight
The AUD/USD is retreating sharply from the highest level since June 17 and falling below the psychological mark of 0.7000. The sharp intraday slump led prices to a new daily low near 0.6950.
AUD/USD,D1
Pivot: 0.6977
Analysis:
Provided that the currency pair is above 0.6850, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 0.6977
- Take Profit 1: 0.7060
- Take Profit 2: 0.7165
Alternative scenario:
In case of a break-down of the level 0.6850, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 0.6850
- Take Profit 1: 0.6700
- Take Profit 2: 0.6600
Comment:
RSI shows the possibility of an uptrend during the day.
Key levels:
| Resistance | Support |
| 0.7300 | 0.6850 |
| 0.7165 | 0.6700 |
| 0.7060 | 0.6600 |
