Source: PaxForex Premium Analytics Portal, Technical Insight
AUD/USD pulls back from its intraday high towards 0.6700, around 0.6720 by the press time, as it reacts to the People’s Bank of China’s (PBOC) recent rate cut during Monday’s Asian session.
AUD/USD,D1
Pivot: 0.6708
Analysis:
Provided that the currency pair is below 0.6850, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 0.6708
- Take Profit 1: 0.6670
- Take Profit 2: 0.6600
Alternative scenario:
In case of a broken-out of the level 0.6850, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 0.6850
- Take Profit 1: 0.7000
- Take Profit 2: 0.7070
Comment:
RSI shows the possibility of a downtrend during the day.
Key levels:
| Resistance | Support |
| 0.7070 | 0.6670 |
| 0.7000 | 0.6600 |
| 0.6850 | 0.6500 |
