Source: PaxForex Premium Analytics Portal, Technical Insight
China's copper imports from Australia declined 34% to 26,717 tons in November, the lowest since January 2017. It was the result of deteriorating relations between the two countries and a corresponding adjustment in the Chinese government's policy towards Australia.
AUD/USD, 30 min
Pivot: 0.7595
Analysis:
Provided that the currency pair is traded above 0.7570, follow the recommendations below:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 0.7595
- Take Profit 1: 0.7625
- Take Profit 2: 0.7640
Alternative scenario:
In case of breakdown of the level 0.7570, follow the recommendations below:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 0.7570
- Take Profit 1: 0.7555
- Take Profit 2: 0.7540
Comment:
RSI shows the possibility of ascending momentum during the day.
Key levels:
| Resistance | Support |
| 0.7660 | 0.7570 |
| 0.7640 | 0.7555 |
| 0.7625 | 0.7540 |
AUD/USD, D1
Pivot: 0.7579
Analysis:
While the price is above 0.7335, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 0.7579
- Take Profit 1: 0.7680
- Take Profit 2: 0.7880
Alternative scenario:
If the level 0.7335 is broken-down, follow the recommendations below.
- Time frame: D1
- Recommendation: short position
- Entry point: 0.7335
- Take Profit 1: 0.7250
- Take Profit 2: 0.7135
Comment:
RSI shows a bullish sentiment.
Key levels:
| Resistance | Support |
| 0.7990 | 0.7395 |
| 0.7880 | 0.7250 |
| 0.7680 | 0.7135 |
We also advise you to pay attention to the following currency pairs for intraday trading:
EUR/USD - buy above 1.2215 with 1.2270 and 1.2290 targets as Take Profit. Alternative scenario - if the level 1.2215 is broken-down, sell with the TP 1.2200 and 1.2190.
GBP/USD – buy above 1.3435 with 1.3575 and 1.3615 as Take Profit targets. Alternative scenario - if the level of 1.3435 is broken-down, you should consider selling with the targets 1.3400 and 1.3370 as Take Profit.
USD/CHF - short positions below 0.8890 with 0.8860 and 0.8845 targets as Take Profit. Alternative scenario - if the level of 0.8890 is broken-out, buy with the targets 0.8905 and 0.8920 as Take Profit.
