Source: PaxForex Premium Analytics Portal, Technical Insight
The AUD/USD pair is displaying topsy-turvy moves in a narrow range of 0.6774-0.6800 in the Asian session. After a gap down open, the aussie bulls attempted a break above the critical hurdle of 0.6800, however, the risk-off market tone strengthened the greenback bulls.
AUD/USD,D1
Pivot: 0.6775
Analysis:
Provided that the currency pair is below 0.6850, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 0.6775
- Take Profit 1: 0.6700
- Take Profit 2: 0.6600
Alternative scenario:
In case of a broken-out of the level 0.6850, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 0.6850
- Take Profit 1: 0.7000
- Take Profit 2: 0.7070
Comment:
RSI shows the possibility of a downtrend during the day.
Key levels:
| Resistance | Support |
| 0.7070 | 0.6700 |
| 0.7000 | 0.6600 |
| 0.6850 | 0.6500 |
