Source: PaxForex Premium Analytics Portal, Technical Insight
Australian authorities have made changes to the Coronavirus Pandemic benefit program. Total funding was reduced from seventy to thirty billion Australian dollars. Requirements for Australian citizens who can expect to receive benefits were tightened
AUD/USD, 30 min
Pivot: 0.7134
Analysis:
Provided that the currency pair is traded below 0.7175, follow the recommendations below:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 0.7134
- Take Profit 1: 0.7100
- Take Profit 2: 0.7070
Alternative scenario:
In case of breakout of the level 0.7175, follow the recommendations below:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 0.7175
- Take Profit 1: 0.7210
- Take Profit 2: 0.7225
Comment:
RSI shows the possibility of descending momentum during the day.
Key levels:
Resistance | Support |
0.7225 | 0.7100 |
0.7210 | 0.7070 |
0.7175 | 0.7040 |
AUD/USD, D1
Pivot: 0.7150
Analysis:
While the price is below 0.7200, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 0.7150
- Take Profit 1: 0.7000
- Take Profit 2: 0.6800
Alternative scenario:
If the level 0.7200 is broken-out, follow the recommendations below.
- Time frame: D1
- Recommendation: long position
- Entry point: 0.7200
- Take Profit 1: 0.7340
- Take Profit 2: 0.7415
Comment:
RSI shows a bearish sentiment.
Key levels:
Resistance | Support |
0.7415 | 0.7000 |
0.7340 | 0.6800 |
0.7200 | 0.6600 |
We also advise you to pay attention to the following currency pairs for intraday trading:
EUR/USD - sell below 1.1735 with 1.1680 and 1.1660 targets as Take Profit. Alternative scenario - if the level 1.1735 is broken-out, buy with the TP 1.1750 and 1.1770.
GBP/USD – sell below 1.2895 with 1.2820 and 1.2800 as Take Profit targets. Alternative scenario - if the level of 1.2895 is broken-out, you should consider buying with the targets 1.2930 and 1.2975 as Take Profit.
USD/CHF - long positions above 0.9180 with 0.9215 and 0.9240 targets as Take Profit. Alternative scenario - if the level of 0.9180 is broken-down, sell with the targets 0.9160 and 0.9140 as Take Profit.