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:

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:

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.