Source: PaxForex Premium Analytics Portal, Technical Insight

The dollar has risen, fueled by concerns about new coronavirus cases and geopolitical tensions. In China, the government is fighting a second coronavirus outbreak that was discovered at the Xinfadi market over the weekend. The government closed schools in Beijing on Wednesday and raised the second level of emergency in the city. Tensions between Beijing and Delhi are also growing: clashes between India and China on a disputed section of the border have led to the deaths of 20 Indian soldiers, as well as an undetermined number of victims on the Chinese side.

AUD/USD, 30 min

Pivot: 0.6848

Analysis:

Provided that the currency pair is traded above 0.6830 follow the recommendations below:

• The timeframe: 30 min
• Recommendation: long position
• Entry point: 0.6848
• Take Profit 1: 0.6875
• Take Profit 2: 0.6900

Alternative scenario: 

In case of breakdown of the level 0.6830, follow the recommendations below:

• The timeframe: 30 min
• Recommendation: short position
• Entry point: 0.6830
• Take Profit 1: 0.6795
• Take Profit 2: 0.6770

Comment:

RSI shows the possibility of an ascending momentum during the day.

Key levels:

AUD/USD, D1

Pivot: 0.6865

Analysis:

While the price is above 0.6650 follow the recommendations below:

• Time frame: D1
• Recommendation: long position
• Entry point: 0.6865
• Take Profit 1: 0.7040
• Take Profit 2: 0.7180

Alternative scenario:

If the level 0.6650 is broken-down, follow the recommendations below.

• Time frame: D1
• Recommendation: short position
• Entry point: 0.6650
• Take Profit 1: 0.6410
• Take Profit 2: 0.6250

Comment:

RSI shows a bullish sentiment.

Key levels:

We also advise you to pay attention to the following currency pairs for intra-day trading:

GBP/USD – sell below 1.2450 with 1.2400 and 1.2360 as Take Profit targets. Alternative scenario - if the level of 1.2450 is broken-out, you should consider buying with the targets 1.2480 and 1.2510 as Take Profit.
EUR/JPY - long positions above 119.45 with 120.44 and 120.71 targets as Take Profit. Alternative scenario - if the level of 119.45 is broken-down, sell with the targets 119.00 and 118.73 as Take Profit.
EUR/GBP - sell below 0.9044 with 0.8979 and 0.8962 targets as Take Profit. Alternative scenario - if the level 0.9044 is broken-out, buy with the TP 0.9073 and 0.9090.