Source: PaxForex Premium Analytics Portal, Technical Insight
AUD/USD seesaws around 0.6980-85 as it defends the week-start gains amid a sluggish Monday morning in Europe. In doing so, the Aussie pair remains mildly bid amid week-long holidays in China and the US Federal Reserve (Fed) policymakers’ stipulated off from the public appearances ahead of early February’s Federal Open Market Committee (FOMC) meeting.
AUD/USD,D1
Pivot: 0.6983
Analysis:
Provided that the currency pair is above 0.6860, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 0.6983
- Take Profit 1: 0.7060
- Take Profit 2: 0.7200
Alternative scenario:
In case the level 0.6860 is broken-down, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 0.6860
- Take Profit 1: 0.6715
- Take Profit 2: 0.6630
Comment:
RSI shows the possibility of an uptrend during the day.
Key levels:
| Resistance | Support |
| 0.7300 | 0.6860 |
| 0.7200 | 0.6715 |
| 0.7060 | 0.6630 |
