Source: PaxForex Premium Analytics Portal, Technical Insight
The AUD/USD pair has bounced marginally after building a base around the critical support of 0.6200 in the early Tokyo session. The asset has picked bids after a north-side break of a compact rangebound structure in a 0.6195-0.6210 range as the risk appetite theme has fetched the spotlight.
AUD/USD,D1
Pivot: 0.6196
Analysis:
Provided that the currency pair is below 0.6520, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 0.6196
- Take Profit 1: 0.6100
- Take Profit 2: 0.6000
Alternative scenario:
In case of a broken-out of the level 0.6520, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 0.6520
- Take Profit 1: 0.6680
- Take Profit 2: 0.6900
Comment:
RSI shows the possibility of a downtrend during the day.
Key levels:
| Resistance | Support |
| 0.6900 | 0.6100 |
| 0.6680 | 0.6000 |
| 0.6520 | 0.5900 |
