Source: PaxForex Premium Analytics Portal, Technical Insight

At Tuesday's trading, the dollar overcame the weak level as traders balanced between the increase in COVID-19 infections, the expansion of quarantine restrictions, and the likely fiscal stimulus and the spread of the vaccine

AUD/USD, 30 min

Pivot: 0.7446

Analysis:

Provided that the currency pair is traded above 0.7415, follow the recommendations below:

• Time frame: 30 min
• Recommendation: long position
• Entry point: 0.7446
• Take Profit 1: 0.7465
• Take Profit 2: 0.7480

Alternative scenario: 

In case of breakdown of the level 0.7415, follow the recommendations below:

• Time frame: 30 min
• Recommendation: short position
• Entry point: 0.7415
• Take Profit 1: 0.7400
• Take Profit 2: 0.7385

Comment:

RSI shows the possibility of ascending momentum during the day.

Key levels:

AUD/USD, D1

Pivot: 0.7430

Analysis:

While the price is above 0.7220, follow the recommendations below:

• Time frame: D1
• Recommendation: long position
• Entry point: 0.7430
• Take Profit 1: 0.7520
• Take Profit 2: 0.7680

Alternative scenario:

If the level 0.7220 is broken-down, follow the recommendations below.

• Time frame: D1
• Recommendation: short position
• Entry point: 0.7220
• Take Profit 1: 0.7090
• Take Profit 2: 0.7000

Comment:

RSI shows a bullish sentiment.

Key levels:

We also advise you to pay attention to the following currency pairs for intraday trading:

EUR/USD - buy above 1.2095 with 1.2175 and 1.2190 targets as Take Profit. Alternative scenario - if the level 1.2095 is broken-down, sell with the TP 1.2080 and 1.2060.
GBP/USD – buy above 1.3335 with 1.3470 and 1.3535 as Take Profit targets. Alternative scenario - if the level of 1.3335 is broken-down, you should consider selling with the targets 1.3290 and 1.3225 as Take Profit.
USD/CHF - short positions below 0.8900 with 0.8845 and 0.8830 targets as Take Profit. Alternative scenario - if the level of 0.8900 is broken-out, buy with the targets 0.8915 and 0.8930 as Take Profit.