Source: PaxForex Premium Analytics Portal, Technical Insight
The AUD/USD pair has refreshed its seven-week low near the round-level support of 0.6700. More downside in the Aussie asset looks favored as investors are channelizing their funds into the US Dollar Index (DXY).
AUD/USD,D1
Pivot: 0.6911
Analysis:
Provided that the currency pair is below 0.6800, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 0.6698
- Take Profit 1: 0.6650
- Take Profit 2: 0.6550
Alternative scenario:
In case the level 0.6800 is broken-out, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 0.6800
- Take Profit 1: 0.6900
- Take Profit 2: 0.7000
Comment:
RSI shows the possibility of a downtrend during the day.
Key levels:
| Resistance | Support |
| 0.7000 | 0.6650 |
| 0.6900 | 0.6550 |
| 0.6800 | 0.6400 |
