Source: PaxForex Premium Analytics Portal, Technical Insight
The next RBA meeting will take place early next month. If the global stock and commodity markets do not have another collapse, the AUD/USD pair is likely to remain trading in the bull market zone, above the key support levels of 0.7315, 0.7295.
AUD/USD,D1
Pivot: 0.7396
Analysis:
Provided that the currency pair is above 0.7300, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 0.7396
- Take Profit 1: 0.7550
- Take Profit 2: 0.7650
Alternative scenario:
In case of break-down of the level 0.7300, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 0.7300
- Take Profit 1: 0.7050
- Take Profit 2: 0.6980
Comment:
RSI shows the possibility of an uptrend during the day.
Key levels:
| Resistance | Support |
| 0.7770 | 0.7160 |
| 0.7650 | 0.7050 |
| 0.7550 | 0.6980 |
