Source: PaxForex Premium Analytics Portal, Technical Insight
The sharp drop in AUD to a low of 0.6390 came as a surprise. The decline appears to be overdone and AUD is unlikely to weaken further. For today, AUD is more likely to trade between 0.6380 and 0.6480.
AUD/USD,D1
Pivot: 0.6430
Analysis:
Provided that the currency pair is below 0.6700, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 0.6430
- Take Profit 1: 0.6300
- Take Profit 2: 0.6200
Alternative scenario:
In case of a broken-out of the level 0.6700, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 0.6700
- Take Profit 1: 0.6900
- Take Profit 2: 0.7000
Comment:
RSI shows the possibility of a downtrend during the day.
Key levels:
| Resistance | Support |
| 0.7000 | 0.6300 |
| 0.6900 | 0.6200 |
| 0.6700 | 0.6100 |
