Source: PaxForex Premium Analytics Portal, Technical Insight
The Australian Dollar has been a solid performer in recent months and is up 11% from its October 2022 low. Economists at Wells Fargo believe this positive trend can continue and forecast AUD/USD at 0.7800 by mid-2024.
AUD/USD,D1
Pivot: 0.6911
Analysis:
Provided that the currency pair is above 0.6860, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 0.6911
- Take Profit 1: 0.7200
- Take Profit 2: 0.7150
Alternative scenario:
In case the level 0.6860 is broken-down, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 0.6860
- Take Profit 1: 0.6715
- Take Profit 2: 0.6630
Comment:
RSI shows the possibility of an uptrend during the day.
Key levels:
| Resistance | Support |
| 0.7250 | 0.6860 |
| 0.7150 | 0.6715 |
| 0.7000 | 0.6630 |
