Source: PaxForex Premium Analytics Portal, Technical Insight
On Monday, the AUD/USD pair gained positive momentum for the second day in a row and continues to recover from more than two-year lows near 0.6680 reached last week.
AUD/USD,D1
Pivot: 0.6809
Analysis:
Provided that the currency pair is below 0.7070, follow the recommendations below
- Time frame: D1
- Recommendation: short position
- Entry point: 0.6809
- Take Profit 1: 0.6700
- Take Profit 2: 0.6600
Alternative scenario:
In case of a break-out of the level 0.7070, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 0.7070
- Take Profit 1: 0.7165
- Take Profit 2: 0.7270
Comment:
RSI shows the possibility of a downtrend during the day.
Key levels:
| Resistance | Support |
| 0.7270 | 0.6700 |
| 0.7165 | 0.6600 |
| 0.7070 | 0.6550 |
