Source: PaxForex Premium Analytics Portal, Technical Insight
The pressure on the Australian dollar increased because of the difficult COVID-19 situation in Australia. Earlier Prime Minister Scott Morrison said the country could not have new lockdowns, but on Friday the local state authorities went for a partial tightening of the quarantine measures.
AUD/USD,D1
Pivot: 0.7232
Analysis:
Provided that the currency pair is traded above 0.7080, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 0.7232
- Take Profit 1: 0.7350
- Take Profit 2: 0.7450
Alternative scenario:
In case of break-down of the level 0.7315, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 0.7080
- Take Profit 1: 0.6990
- Take Profit 2: 0.6910
Comment:
RSI shows the possibility of an uptrend during the day.
Key levels:
| Resistance | Support |
| 0.7550 | 0.7080 |
| 0.7450 | 0.6990 |
| 0.7350 | 0.6910 |
