Source: PaxForex Premium Analytics Portal, Technical Insight
AUD/USD bulls celebrate the biggest daily gains since early February around the 0.6665-70 hurdle during early Monday in Europe. The Aussie pair’s latest inaction could be linked to its struggle to overcome the five-week-old descending resistance line amid the broadly risk-on mood, as well as the US Dollar weakness.
AUD/USD,D1
Pivot: 0.6658
Analysis:
Provided that the currency pair is below 0.6800, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 0.6658
- Take Profit 1: 0.6550
- Take Profit 2: 0.6400
Alternative scenario:
In case the level 0.6800 is broken-out, 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 |
