Source: PaxForex Premium Analytics Portal, Technical Insight
Fed chief Powell: the time to raise rates will not come soon:
The Fed does not stick to any formula about the target level of inflation;
In order to reach the 2% inflation target, the average inflation rate needs to be 2%;
We agree to let the 2% target be exceeded so that the average inflation rate is 2%;
Flexible inflation targeting means that we are not tied to a mathematical formula;
We would like to limit inflation expectations to the 2% mark;
Since we announced the policy change, there has been evidence that market expectations have come into alignment;
We do not plan to raise rates to avoid the theoretical risks associated with inflation and imbalances.
AUD/USD, 30 min
Pivot: 0.7690
Analysis:
Provided that the currency pair is traded below 0.7720, follow the recommendations below:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 0.7690
- Take Profit 1: 0.7655
- Take Profit 2: 0.7640
Alternative scenario:
In case of breakout of the level 0.7720 follow the recommendations below:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 0.7720
- Take Profit 1: 0.7740
- Take Profit 2: 0.7760
Comment:
RSI shows the possibility of descending momentum during the day.
Key levels:
| Resistance | Support |
| 0.7760 | 0.7655 |
| 0.7740 | 0.7640 |
| 0.7720 | 0.7600 |
AUD/USD, D1
Pivot: 0.7683
Analysis:
While the price is above 0.7395, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 0.7683
- Take Profit 1: 0.7880
- Take Profit 2: 0.7990
Alternative scenario:
If the level 0.7395 is broken-down, follow the recommendations below.
- Time frame: D1
- Recommendation: short position
- Entry point: 0.7395
- Take Profit 1: 0.7220
- Take Profit 2: 0.7090
Comment:
RSI shows a bullish sentiment.
Key levels:
| Resistance | Support |
| 0.8100 | 0.7395 |
| 0.7990 | 0.7220 |
| 0.7880 | 0.7090 |
We also advise you to pay attention to the following currency pairs for intraday trading:
EUR/USD - sell below 1.2100 with 1.2040 and 1.2020 targets as Take Profit. Alternative scenario - if the level 1.2100 is broken-out, buy with the TP 1.2115 and 1.2135.
GBP/USD – sell below 1.3615 with 1.3540 and 1.3520 as Take Profit targets. Alternative scenario - if the level of 1.3615 is broken-out, you should consider buying with the targets 1.3635 and 1.3660 as Take Profit.
USD/CHF - long positions above 0.8890 with 0.8940 and 0.8955 targets as Take Profit. Alternative scenario - if the level of 0.8890 is broken-down, sell with the targets 0.8875 and 0.8860 as Take Profit.
