Source: PaxForex Premium Analytics Portal, Technical Insight
The AUD/USD pair has found intermediate support near the crucial support of 0.6660 in the Asian session. The Aussie asset is expected to continue its downside journey amid headwinds of a significantly low Consumer Price Index (CPI) in China and expectations that inflation in the United States will remain stubborn.
AUD/USD,D1
Pivot: 0.6649
Analysis:
Provided that the currency pair is below 0.6800, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 0.6649
- Take Profit 1: 0.6550
- Take Profit 2: 0.6400
Alternative scenario:
In case level 0.6800 is broken-down, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 0.6800
- Take Profit 1: 0.6900
- Take Profit 2: 0.7000
Comment:
RSI shows the possibility of a downtrend during the day.
Key levels:
| Resistance | Support |
| 0.7000 | 0.6550 |
| 0.6900 | 0.6400 |
| 0.6800 | 0.6300 |
