AUD/USD | Australian Dollar to US Dollar Trading Analysis

Source: PaxForex Premium Analytics Portal, Technical Insight

Last week was the best week of the month for the dollar, as an increase in coronavirus cases is causing nervous traders to turn to this safe haven.

AUD/USD, 30 min

Pivot: 0.7000

Analysis:

Provided that the currency pair is traded below 0.7035, follow the recommendations below:

• Time frame: 30 min
• Recommendation: short position
• Entry point: 0.7000
• Take Profit 1: 0.6995
• Take Profit 2: 0.6975

Alternative scenario: 

In case of breakout of the level 0.7035, follow the recommendations below:

• Time frame: 30 min
• Recommendation: long position
• Entry point: 0.7035
• Take Profit 1: 0.7055
• Take Profit 2: 0.7075

Comment:

RSI shows the possibility of descending momentum during the day.

Key levels:

AUD/USD, D1

Pivot: 0.7017

Analysis:

While the price is below 0.7200, follow the recommendations below:

• Time frame: D1
• Recommendation: short position
• Entry point: 0.7017
• Take Profit 1: 0.6920
• 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: 0.7300
• Take Profit 2: 0.7415

Comment:

RSI shows a bearish sentiment.

Key levels:

We also advise you to pay attention to the following currency pairs for intraday trading:

EUR/USD - sell below 1.1665 with 1.1620 and 1.1600 targets as Take Profit. Alternative scenario - if the level 1.1665 is broken-out, buy with the TP 1.1690 and 1.1705.
GBP/USD – sell below 1.2940 with 1.2880 and 1.2865 as Take Profit targets. Alternative scenario - if the level of 1.2940 is broken-out, you should consider buying with the targets 1.2960 and 1.2990 as Take Profit.
USD/CHF - long positions above 0.9145 with 0.9200 and 0.9210 targets as Take Profit. Alternative scenario - if the level of 0.9145 is broken-down, sell with the targets 0.9130 and 0.9110 as Take Profit.