Source: PaxForex Premium Analytics Portal, Technical Insight
Global recovery/reflation trade is helping to improve Australia's trading conditions as commodity prices continue to rise. The price of iron ore has recently risen sharply and is now approaching its highest level in nearly a decade. If the external environment is still favorable to the Aussie dollar, as we expect it to be, it will force the RBA to keep its soft policy.
AUD/USD, 30 min
Pivot: 0.7654
Analysis:
Provided that the currency pair is traded below 0.7680, follow the recommendations below:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 0.7654
- Take Profit 1: 0.7620
- Take Profit 2: 0.7585
Alternative scenario:
In case of breakout of the level 0.7680, follow the recommendations below:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 0.7680
- Take Profit 1: 0.7715
- Take Profit 2: 0.7750
Comment:
RSI shows the possibility of descending momentum during the day.
Key levels:
| Resistance | Support |
| 0.7750 | 0.7620 |
| 0.7715 | 0.7585 |
| 0.7680 | 0.7560 |
AUD/USD, D1
Pivot: 0.7711
Analysis:
While the price is below 0.7830, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 0.7711
- Take Profit 1: 0.7555
- Take Profit 2: 0.7460
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 | 0.7555 |
| 0.8000 | 0.7460 |
| 0.7830 | 0.7340 |
We also advise you to pay attention to the following currency pairs for intraday trading:
EUR/USD - short positions below 1.1880 with 1.1830 and 1.1800 targets as Take Profit. Alternative scenario - if the level of 1.1880 is broken-out, buy with the targets 1.1915 and 1.1930 as Take Profit.
GBP/USD – sell below 1.3850 with 1.3800 and 1.3775 as Take Profit targets. Alternative scenario - if the level of 1.3850 is broken-out, you should consider buying with the targets 1.3905 and 1.3940 as Take Profit.
USD/CHF - buy above 0.9340 with 0.9380 and 0.9400 targets as Take Profit. Alternative scenario - if the level 0.9340 is broken-down, sell with the TP 0.9320 and 0.9300.
