Source: PaxForex Premium Analytics Portal, Technical Insight
Powell, Q&A: We will not attribute "substantial further progress" to the numbers:
The interest rate and balance sheet tools, which provide powerful support for the economy, will continue to be used;
The current economic downturn is the most severe of all;
Recovery may require continued support from both fiscal and monetary policy;
I will not denote substantial progress by specific numbers;
Employment should be "substantially" closer to full employment.
AUD/USD, 30 min
Pivot: 0.7603
Analysis:
Provided that the currency pair is traded below 0.7630, follow the recommendations below:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 0.7603
- Take Profit 1: 0.7565
- Take Profit 2: 0.7545
Alternative scenario:
In case of breakout of the level 0.7630, follow the recommendations below:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 0.7630
- Take Profit 1: 0.7650
- Take Profit 2: 0.7665
Comment:
RSI shows the possibility of descending momentum during the day.
Key levels:
| Resistance | Support |
| 0.7665 | 0.7565 |
| 0.7650 | 0.7545 |
| 0.7630 | 0.7520 |
AUD/USD, D1
Pivot: 0.7572
Analysis:
While the price is above 0.7335, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 0.7572
- Take Profit 1: 0.7680
- Take Profit 2: 0.7815
Alternative scenario:
If the level 0.7335 is broken-down, follow the recommendations below.
- Time frame: D1
- Recommendation: short position
- Entry point: 0.7335
- Take Profit 1: 0.7220
- Take Profit 2: 0.7090
Comment:
RSI shows a bullish sentiment.
Key levels:
| Resistance | Support |
| 0.7920 | 0.7335 |
| 0.7815 | 0.7220 |
| 0.7680 | 0.7090 |
We also advise you to pay attention to the following currency pairs for intraday trading:
EUR/USD - sell below 1.2275 with 1.2225 and 1.2200 targets as Take Profit. Alternative scenario - if the level 1.2275 is broken-out, buy with the TP 1.2300 and 1.2325.
GBP/USD – sell below 1.3590 with 1.3450 and 1.3415 as Take Profit targets. Alternative scenario - if the level of 1.3590 is broken-out, you should consider buying with the targets 1.3620 and 1.3655 as Take Profit.
USD/CHF - long positions above 0.8820 with 0.8860 and 0.8880 targets as Take Profit. Alternative scenario - if the level of 0.8820 is broken-down, sell with the targets 0.8800 and 0.8780 as Take Profit.
