Source: PaxForex Premium Analytics Portal, Technical Insight

AUD/USD rebounds from intraday low of 0.6590 on upbeat China Caixin Services PMI, US data, RBA eyed.

AUD/USD,D1

Pivot: 0.6602

Analysis:

Provided that the currency pair is below 0.6800, follow the recommendations below:

• Time frame: D1
• Recommendation: short position
• Entry point: 0.6602
• Take Profit 1: 0.6485
• Take Profit 2: 0.6400

Alternative scenario: 

In case the level 0.6800 is broken-out, follow the recommendations below:

• Time frame: D1
• Recommendation: long position
• Entry point: 0.6800
• Take Profit 1: 0.6900
• Take Profit 2: 0.7000

Comment:

RSI shows the possibility of a downtrend during the day.

Key levels: