Source: PaxForex Premium Analytics Portal, Technical Insight

Australia, a winner of the pandemic, faced a recession. The economic downturn began in Australia after 28 years of continuous growth, Australian Finance Minister Josh Friedenberg said, CNBC reports. The head of the department noted that the recession was caused mainly by restrictive measures against coronavirus. Earlier, the country was called one of the winners of the pandemic.

AUD/USD, 30 min

Pivot: 0.7039

Analysis:

Provided that the currency pair is traded below 0.7080 follow the recommendations below:

• Time frame: 30 min
• Recommendation: short position
• Entry point: 0.7039
• Take Profit 1: 0.7010
• Take Profit 2: 0.6985

Alternative scenario: 

In case of breakout of the level 0.7080 follow the recommendations below:

• Time frame: 30 min
• Recommendation: long position
• Entry point: 0.7080
• Take Profit 1: 0.7115
• Take Profit 2: 0.7135

Comment:

RSI shows the possibility of descending momentum during the day.

Key levels:

AUD/USD, D1

Pivot: 0.7105

Analysis:

While the price is below 0.7250 follow the recommendations below:

• Time frame: D1
• Recommendation: short position
• Entry point: 0.7105
• Take Profit 1: 0.6915
• Take Profit 2: 0.6800

Alternative scenario:

If the level 0.7250 is broken-out, follow the recommendations below.

• Time frame: D1
• Recommendation: long position
• Entry point: 0.7250
• Take Profit 1: 0.7340
• Take Profit 2: 0.7415

Comment:

RSI shows a bearish sentiment.

Key levels:

We also advise you to pay attention to the following currency pairs for intraday trading:

EUR/USD - sell below 1.1680 with 1.1620 and 1.1600 targets as Take Profit. Alternative scenario - if the level 1.1680 is broken-out, buy with the TP 1.1720 and 1.1750.
GBP/USD – sell below 1.2740 with 1.2675 and 1.2645 as Take Profit targets. Alternative scenario - if the level of 1.2740 is broken-out, you should consider buying with the targets 1.2775 and 1.2800 as Take Profit.
USD/CHF - long positions above 0.9215 with 0.9260 and 0.9285 targets as Take Profit. Alternative scenario - if the level of 0.9215 is broken-down, sell with the targets 0.9185 and 0.9155 as Take Profit.