Source: PaxForex Premium Analytics Portal, Technical Insight
The AUD/USD pair has extended its recovery from 0.6770 to above 0.6850 in the Asian session. The Aussie asset has witnessed stellar buying interest from the market participants as the Reserve Bank of Australia (RBA) is all set to tighten its policy further to bring price stability.
AUD/USD,D1
Pivot: 0.6809
Analysis:
Provided that the currency pair is above 0.6600, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 0.6809
- Take Profit 1: 0.6900
- Take Profit 2: 0.7000
Alternative scenario:
In case of a broken-down of the level 0.6600, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 0.6600
- Take Profit 1: 0.6500
- Take Profit 2: 0.6380
Comment:
RSI shows the possibility of an uptrend during the day.
Key levels:
| Resistance | Support |
| 0.7100 | 0.6600 |
| 0.7000 | 0.6500 |
| 0.6900 | 0.6380 |
