Source: PaxForex Premium Analytics Portal, Technical Insight
According to a Reuters poll of 24 economists, Australia's central bank will hold its key interest rate at a record low of 0.10% at tomorrow's monetary policy meeting.
- Preservation of the status quo at the end of the meeting on April 6 expects 23 respondents;
- 1 economist predicts a rate cut to 0.05%;
- Economists expect rates to be maintained at current levels through the end of 2022.
The regulator itself said it does not intend to raise rates until inflation returns to its medium-term target range of 2-3%.
AUD/USD, 30 min
Pivot: 0.7630
Analysis:
Provided that the currency pair is traded below 0.7660, follow the recommendations below:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 0.7630
- Take Profit 1: 0.7615
- Take Profit 2: 0.7595
Alternative scenario:
In case of breakout of the level 0.7660, follow the recommendations below:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 0.7660
- Take Profit 1: 0.7680
- Take Profit 2: 0.7770
Comment:
RSI shows the possibility of descending momentum during the day.
Key levels:
Resistance | Support |
0.7700 | 0.7615 |
0.7680 | 0.7595 |
0.7660 | 0.7580 |
AUD/USD, D1
Pivot: 0.7617
Analysis:
While the price is below 0.7830, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 0.7617
- Take Profit 1: 0.7500
- Take Profit 2: 0.7370
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:
Resistance | Support |
0.8085 | 0.7500 |
0.8000 | 0.7370 |
0.7830 | 0.7210 |
We also advise you to pay attention to the following currency pairs for intraday trading:
EUR/USD - sell below 1.1820 with 1.1775 and 1.1760 targets as Take Profit. Alternative scenario - if the level of 1.1820 is broken-out, buy with the targets 1.1835 and 1.1850 as Take Profit.
GBP/USD – sell below 1.3915 with 1.3850 and 1.3830 as Take Profit targets. Alternative scenario - if the level of 1.3915 is broken-out, you should consider buying with the targets 1.3935 and 1.3960 as Take Profit.
USD/CHF - long positions above 0.9350 with 0.9420 and 0.9440 targets as Take Profit. Alternative scenario - if the level 0.9350 is broken-down, sell with the TP 0.9335 and 0.9320.