2016-08-04 11:22:13

Technical data of the currency pair:

Previous closing: 0.7589;
Daily range: 0.7584-0.7626;
Opening: 0.7589;
52 - week range: 0.6824-0.7836;
Annual revenue: +3.17%;
Change in % for the previous day: -0.28.

Analytical review:

  • Over the past two weeks the AUD went up by 150 points against the USD. During yesterday’s trading session the rise in the AUD was suspended at the resistance level of 0.7610;
  • The data released by the Australian Bureau of Statistics today showed that volume of retail sales fell to 0.1% in June against the forecast of 0.4%;
  • Yesterday, US Institute of Supply Management reported that index of business activity in the non-manufacturing sector fell to 55.5 in July against the previous value at the level of 56.5 and the forecast of 56.0;
  • According to ADP report, new jobs in the non-agricultural sector of the USA increased by 179000 against market expectations at the level of 170000;
  • Commitments of Traders” shows ambiguous picture. Large investors decreased the number of long positions by 4673 contracts, short positions have been decreased by 2736 contracts.

Summary:

  • Weak Australian statistics, mixed US data and the decline in oil prices put strong pressure on the AUD. According to “COT” large investors do not have general opinion about the AUD;
  • Movement is mixed in the market. It is advisable to enter the market from the key support or resistance levels.

Trading tips for the currency pair AUD/USD

Key levels:
Support levels: 0.7580 and 0.7535.
Resistance levels: 0.7610 and 0.7670.

Long-term trading, D1
Prior to the release of non-farm payrolls on Friday, changes in the AUD movement are not expected. Meanwhile, we recommend torefrain from open long-term positions on the currency pair AUD/USD. It is advisable to enter the market after the release of statistics, retesting of the key support and resistance levels and in case of the respective confirmation (such as Price Action pattern).

Long-term trading, D1
Long-term trading, D1


Short-term trading, М15
Currently, the currency is traded in the range of 0.7590-0.7615. It is advisable to enter the market after breaking out and testing of this zone. Positions can be opened at the signal line and the nearest support/resistance level. Risk per trade is not more than 3% of the capital. Stop order can be placed slightly above/below the signal line. Take profit can be placed in parts of 50%, 30% and 20% with the use of trailing stops.

Short-term trading, М15
Short-term trading, М15