Current trend

The AUD/USD pair interrupted a long fall due to the significant decline of the US dollar.

The American currency was under pressure after the escalation of the trade tense had a negative impact on the dynamics of the government bonds’ yield. In addition, Philadelphia Fed Manufacturing Survey fell sharply from 34.4 points in May to 19.9 in June, which is the worst decrease since November 2016.

Today at 15:45 (GMT+2) Markit Economics will publish data on US PMI.

Support and resistance

On the 4-hour chart, the instrument tests the psychological level of 0.7400. Bollinger bands are trying to reverse sideways, and the price range was narrowed, which reflects the development of the correction. MACD histogram is in the negative zone, keeping the sell signal. Stochastic entered the oversold area.

Resistance levels: 0.7400, 0.7483, 0.7532, 0.7573.

Support levels: 0.7310, 0.7340, 0.7377.

Trading tips

Long positions can be opened above the level of 0.7415 with the target at 0.7485 and stop loss 0.7370.

Short positions can be opened below the level of 0.7375 with the target at 0.7310 and stop loss 0.7415.

Implementation period: 1–2 days.

Australian vs US Dollar

BuySellSpread
0.726630.726423

Scenario

TimeframeDay's Range
RecommendationsBUY STOP
Entry Point0.7420
Take Profit0.7485
Stop Loss0.7370
Support levels0.7310, 0.7340, 0.7377, 0.7400, 0.7483, 0.7532, 0.7573

Alternative scenario

RecommendationsSELL STOP
Entry Point0.7370
Take Profit0.7310
Stop Loss0.7415
Support levels0.7310, 0.7340, 0.7377, 0.7400, 0.7483, 0.7532, 0.7573
AUD/USD: general analysis

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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