AUD/USD | Australian Dollar to US Dollar Trading Analysis
AUD/USD | Australian Dollar to US Dollar Trading Analysis
Source: PaxForex Premium Analytics Portal, Technical Insight
As G. Debelle, Deputy Head of Federal Bank of Australia, reported during his speech on monetary policy:
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He does not expect any increase in rates at least for the next three years;
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Bond purchase program puts downward pressure on AUD rate;
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The program was necessary because the yield on Australian 10-year bonds was higher than in other countries;
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Caution must be exercised to avoid premature withdrawal of stimuli.
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The country's public debt is managed and "absolutely supported";
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Vaccine news should help maintain confidence;
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Does not see high CPI risks in the foreseeable future;
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Not sure about the effectiveness of negative rates as a tool for accelerating inflation and employment.
AUD/USD, 30 min
Pivot: 0.7388
Analysis:
Provided that the currency pair is traded above 0.7375, follow the recommendations below:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 0.7388
- Take Profit 1: 0.7410
- Take Profit 2: 0.7435
Alternative scenario:
In case of breakdown of the level 0.7375, follow the recommendations below:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 0.7375
- Take Profit 1: 0.7350
- Take Profit 2: 0.7330
Comment:
RSI shows the possibility of ascending momentum during the day.
Key levels:
Resistance | Support |
0.7450 | 0.7375 |
0.7435 | 0.7350 |
0.7410 | 0.7330 |
AUD/USD, D1
Pivot: 0.7398
Analysis:
While the price is above 0.7200, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 0.7398
- Take Profit 1: 0.7520
- Take Profit 2: 0.7680
Alternative scenario:
If the level 0.7200 is broken-down, follow the recommendations below.
- Time frame: D1
- Recommendation: short position
- Entry point: 0.7200
- Take Profit 1: 0.7090
- Take Profit 2: 0.7000
Comment:
RSI shows a bullish sentiment.
Key levels:
Resistance | Support |
0.7800 | 0.7200 |
0.7680 | 0.7090 |
0.7520 | 0.7000 |
We also advise you to pay attention to the following currency pairs for intraday trading:
EUR/USD - buy above 1.1940 with 1.2020 and 1.2040 targets as Take Profit. Alternative scenario - if the level 1.1940 is broken-down, sell with the TP 1.1915 and 1.1900.
GBP/USD – buy above 1.3310 with 1.3380 and 1.3400 as Take Profit targets. Alternative scenario - if the level of 1.3310 is broken-down, you should consider selling with the targets 1.3285 and 1.3260 as Take Profit.
USD/CHF - short positions below 0.9055 with 0.9000 and 0.8980 targets as Take Profit. Alternative scenario - if the level of 0.9055 is broken-out, buy with the targets 0.9080 and 0.9095 as Take Profit.