Source: PaxForex Premium Analytics Portal, Technical Insight
Factors pressuring the Aussie are the deteriorating market sentiment because of the threat to China's financial stability because of the Evergrande situation and declining gold prices.
AUD/USD,D1
Pivot: 0.7257
Analysis:
Provided that the currency pair is traded below 0.7465, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 0.7257
- Take Profit 1: 0.7100
- Take Profit 2: 0.7000
Alternative scenario:
In case of break-out of the level 0.7465, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 0.7465
- Take Profit 1: 0.7600
- Take Profit 2: 0.7760
Comment:
RSI shows the possibility of a downtrend during the day.
Key levels:
| Resistance | Support |
| 0.7760 | 0.7100 |
| 0.7600 | 0.7000 |
| 0.7465 | 0.6895 |
