Source: PaxForex Premium Analytics Portal, Technical Insight
As the head of the US Federal Reserve Bank J. Powell said, continuing to speak at a virtual conference organized by the Economic Club of Washington:
- We are aiming for inflation that is moderately above the 2% mark;
- After staying below the 2% mark for a long time, inflation should moderately exceed our inflation target for some time;
- We will come to a point where it is time to start winding down when we have made significant progress toward our goals;
- The downward pressure on inflation is driven by factors such as globalization, technological development, and demographics;
- Low inflation and deflation reduce the ability of the Central Bank to withstand recessions;
- It is critical for the Fed to proactively communicate with the public.
AUD/USD, 30 min
Pivot: 0.7718
Analysis:
Provided that the currency pair is traded above 0.7705, follow the recommendations below:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 0.7718
- Take Profit 1: 0.7745
- Take Profit 2: 0.7760
Alternative scenario:
In case of breakdown of the level 0.7705, follow the recommendations below:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 0.7705
- Take Profit 1: 0.7680
- Take Profit 2: 0.7655
Comment:
RSI shows the possibility of ascending momentum during the day.
Key levels:
Resistance | Support |
0.7780 | 0.7705 |
0.7760 | 0.7680 |
0.7745 | 0.7655 |
AUD/USD, D1
Pivot: 0.7675
Analysis:
While the price is below 0.7830, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 0.7675
- Take Profit 1: 0.7500
- Take Profit 2: 0.7370
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 | 0.7500 |
0.8000 | 0.7370 |
0.7830 | 0.7210 |
We also advise you to pay attention to the following currency pairs for intraday trading:
EUR/USD - buy above 1.1965 with 1.2010 and 1.2030 targets as Take Profit. Alternative scenario - if the level of 1.1965 is broken-down, sell with the targets 1.1950 and 1.1935 as Take Profit.
GBP/USD – sell below 1.3795 with 1.3745 and 1.3725 as Take Profit targets. Alternative scenario - if the level of 1.3795 is broken-out, you should consider buying with the targets 1.3810 and 1.3830 as Take Profit.
USD/CHF - long positions above 0.9220 with 0.9260 and 0.9275 targets as Take Profit. Alternative scenario - if the level 0.9220 is broken-down, sell with the TP 0.9205 and 0.9190.