Source: PaxForex Premium Analytics Portal, Technical Insight

Australia, due to the spread of coronavirus for the first time in 100 years closed the border between the states of New South Wales and Victoria, reported July 6 The Guardian. Over the past 24 hours, 127 new cases of coronavirus infection have been identified in Melbourne, the highest number since the pandemic began. The last state border posts were exhibited in 1919, during the Spanish pandemic.

AUD/USD, 30 min

Pivot: 0.6971

Analysis:

Provided that the currency pair is traded below 0.6990 follow the recommendations below:

• The timeframe: 30 min
• Recommendation: short position
• Entry point: 0.6971
• Take Profit 1: 0.6950
• Take Profit 2: 0.6920

Alternative scenario: 

In case of breakout of the level 0.6990, follow the recommendations below:

• The timeframe: 30 min
• Recommendation: long position
• Entry point: 0.6990
• Take Profit 1: 0.7010
• Take Profit 2: 0.7035

Comment:

RSI shows the possibility of descending momentum during the day.

Key levels:

AUD/USD, D1

Pivot: 0.6942

Analysis:

While the price is above 0.6780 follow the recommendations below:

• Time frame: D1
• Recommendation: long position
• Entry point: 0.6942
• Take Profit 1: 0.7040
• Take Profit 2: 0.7180

Alternative scenario:

If the level 0.6780 is broken-down, follow the recommendations below.

• Time frame: D1
• Recommendation: short position
• Entry point: 0.6780
• Take Profit 1: 0.6650
• Take Profit 2: 0.6500

Comment:

RSI shows a bullish sentiment.

Key levels: