AUD/USD | Australian Dollar to US Dollar Trading Analysis

Source: PaxForex Premium Analytics Portal, Technical Insight

Following the conclusion of the RBA's monetary policy meeting, RBA Governor P. Lowe presented a monetary policy statement that confirmed that the central bank has no plans to raise the rate until actual inflation settles on a sustainable 2-3% target range, and the regulator does not think it can happen before 2024:

• The central GDP scenario has been revised upward to 4.75% for 2021 and 3.5% for 2022;
• The unemployment rate will continue to decline to about 5% by the end of the year and 4.5% by the end of 20222;
• The RBA will consider the fate of the 3-year bond yield target at its July meeting - possibly selecting assets with maturities other than April 2024.

AUD/USD, 30 min

Pivot: 0.7735

Analysis:

Provided that the currency pair is traded above 0.7710, follow the recommendations below:

• Time frame: 30 min
• Recommendation: long position
• Entry point: 0.7735
• Take Profit 1: 0.7750
• Take Profit 2: 0.7770

Alternative scenario: 

In case of breakdown of the level 0.7710, follow the recommendations below:

• Time frame: 30 min
• Recommendation: short position
• Entry point: 0.7710
• Take Profit 1: 0.7695
• Take Profit 2: 0.7675

Comment:

RSI shows the possibility of ascending momentum during the day.

Key levels:

AUD/USD, D1

Pivot: 0.7744

Analysis:

While the price is below 0.7830, follow the recommendations below:

• Time frame: D1
• Recommendation: short position
• Entry point: 0.7744
• Take Profit 1: 0.7580
• Take Profit 2: 0.7500

Alternative scenario:

If the level 0.7830 is broken-out, follow the recommendations below.

• Time frame: D1
• Recommendation: long position
• Entry point: 0.7830
• Take Profit 1: 0.8000
• Take Profit 2: 0.8085

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 - buy above 1.2010 with 1.2050 and 1.2070 targets as Take Profit. Alternative scenario - if the level of 1.2010 is broken-down, sell with the targets 1.1995 and 1.1980 as Take Profit.
GBP/USD – long positions above 1.3880 with 1.3950 and 1.3965 as Take Profit targets. Alternative scenario - if the level of 1.3880 is broken-down, sell with the targets 1.3860 and 1.3835 as Take Profit.
USD/CHF -  sell below 0.9140 with 0.9100 and 0.9085 targets as Take Profit. Alternative scenario - if the level 0.9140 is broken-out, you should consider buying with the TP 0.9150 and 0.9160.