Source: PaxForex Premium Analytics Portal, Technical Insight
The AUD/USD pair continues to fall from the technically significant 200-SMA and drifts down for the fifth consecutive day. The decline took the spot to a two-week low around 0.6875.
AUD/USD,D1
Pivot: 0.6871
Analysis:
Provided that the currency pair is above 0.6850, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 0.6871
- Take Profit 1: 0.7000
- Take Profit 2: 0.7165
Alternative scenario:
In case of a break-down of the level 0.6850, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 0.6850
- Take Profit 1: 0.6700
- Take Profit 2: 0.6600
Comment:
RSI shows the possibility of an uptrend during the day.
Key levels:
| Resistance | Support |
| 0.7280 | 0.6850 |
| 0.7165 | 0.6700 |
| 0.7000 | 0.6600 |
