Current trend

On Friday, the Australian currency was down against the US dollar and the Japanese yen amid the absence of significant releases in Australia's macroeconomic calendar.

USD was under pressure from President Trump's decision to impose 25% duties on Chinese goods for a total of USD 50 billion. Macroeconomic news from the US was mixed: industrial production declined by 0.1% in May, while growth was expected to be 0.2%; Production Capacity Utilization fell from 78.1% to 77.9%, and the Michigan Consumer Sentiment index, which is an indicator of consumer confidence in economic growth, rose to 99.3 points, surpassing the expectations of economists.

Today, major macroeconomic news from Australia are not expected, so in the near future, the AUD exchange rate will be affected by statistics from the US and Japan.

Support and resistance

On the H4 chart the pair is decreasing along the lower line of Bollinger Bands. MACD histogram is in the negative zone keeping a signal for opening short positions.

Support levels: 0.7425, 0.7400, 0.7350, 0.7300.

Resistance levels: 0.7470, 0.7500, 0.7530, 0.7550, 0.7570, 0.7585, 0.7660.

Trading tips

Short positions may be opened from the level of 0.7400 with target at 0.7350 and stop-loss at 0.7430.

Long positions may be opened from the level of 0.7480 with target at 0.7550 and stop-loss at 0.7450.

Australian vs US Dollar

BuySellSpread
0.724590.7243524

Scenario

TimeframeDay's Range
RecommendationsSELL STOP
Entry Point0.7400
Take Profit0.7350
Stop Loss0.7430
Support levels0.7300, 0.7350, 0.7400, 0.7425, 0.7470, 0.7500, 0.7530, 0.7550, 0.7570, 0.7585, 0.7660

Alternative scenario

RecommendationsBUY STOP
Entry Point0.7480
Take Profit0.7550
Stop Loss0.7450
Support levels0.7300, 0.7350, 0.7400, 0.7425, 0.7470, 0.7500, 0.7530, 0.7550, 0.7570, 0.7585, 0.7660
AUD/USD: general review

The material published on this page is produced by the Claws&Horns Company and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC; furthermore it has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.

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