Source: PaxForex Premium Analytics Portal, Technical Insight
A new round of trade disputes between Australia and China was reported by the Financial Times (FT): "Australian farmers warned that the country's trade dispute with China and supply disruptions related to the coronavirus pandemic would cost the industry $28 billion over the next decade. Meanwhile, the news also says the National Farmers Federation of Australia is calling for a $2.66 billion investment to support a trading strategy aimed at diversifying national export markets and improving supply chains.
AUD/USD, 30 min
Pivot: 0.7589
Analysis:
Provided that the currency pair is traded below 0.7610, follow the recommendations below:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 0.7589
- Take Profit 1: 0.7560
- Take Profit 2: 0.7540
Alternative scenario:
In case of breakout of the level 0.7610, follow the recommendations below:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 0.7610
- Take Profit 1: 0.7630
- Take Profit 2: 0.7645
Comment:
RSI shows the possibility of descending momentum during the day.
Key levels:
| Resistance | Support |
| 0.7645 | 0.7560 |
| 0.7630 | 0.7540 |
| 0.7610 | 0.7520 |
AUD/USD, D1
Pivot: 0.7601
Analysis:
While the price is above 0.7555, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 0.7601
- Take Profit 1: 0.7820
- Take Profit 2: 0.7990
Alternative scenario:
If the level 0.7555 is broken-down, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 0.7555
- Take Profit 1: 0.7460
- Take Profit 2: 0.7345
Comment:
RSI shows a bullish sentiment.
Key levels:
| Resistance | Support |
| 0.8100 | 0.7555 |
| 0.7990 | 0.7460 |
| 0.7820 | 0.7345 |
We also advise you to pay attention to the following currency pairs for intraday trading:
EUR/USD - sell below 1.1980 with 1.1910 and 1.1890 targets as Take Profit. Alternative scenario - if the level 1.1980 is broken-out, buy with the TP 1.1995 and 1.2020.
GBP/USD – buy above 1.3650 with 1.3730 and 1.3750 as Take Profit targets. Alternative scenario - if the level of 1.3650 is broken-down, you should consider selling with the targets 1.3630 and 1.3610 as Take Profit.
USD/CHF - long positions above 0.9025 with 0.9065 and 0.9080 targets as Take Profit. Alternative scenario - if the level of 0.9025 is broken-down, sell with the targets 0.9000 and 0.8980 as Take Profit.
