Current trend

Aussie continues to decline against the US dollar against the backdrop of the June minutes of the RBA meeting, which noted that the appreciation of the national currency could slow the growth of the economy and inflation in Australia.

Today and at the end of the trading week key releases will be published in the United States that can support the US currency: orders for durable goods, labor market statistics and the growth rate of the US economy.

Support and resistance

It is worth noting that the pair has reached the lower boundary of the descending channel, from which it can be corrected upwards. Nevertheless, the downward trend is still strong, which means short positions are in priority. However, there are several strong supports ahead: 0.7330, 0.7300 – this are the local lows of last November and this May. Technical indicators retain the sell signal: MACD indicates an increase in the volume of short positions; Bollinger bands are still directed down.

Support levels: 0.7350, 0.7330, 0.7300, 0.7275, 0.7230, 0.7200, 0.7170.

Resistance levels: 0.7410, 0.7450, 0.7480, 0.7505, 0.7560, 0.7600.

Trading tips

The volumes of short positions can be increased at the current level and pending sell orders can be placed at upper border of the channel at the levels of 0.7480 or 0.7505 with targets of 0.7300 and 0.7170 and stop loss at 0.7630.

Australian vs US Dollar

BuySellSpread
0.726450.7261926

Scenario

TimeframeWeekly
RecommendationsSELL
Entry Point0.7384
Take Profit0.7300, 0.7170
Stop Loss0.7466
Support levels0.7170, 0.7200, 0.7230, 0.7275, 0.7300, 0.7330, 0.7350, 0.7410, 0.7450, 0.7480, 0.7505, 0.7560, 0.7600

Alternative scenario

RecommendationsSELL LIMIT
Entry Point0.7480, 0.7505
Take Profit0.7300, 0.7170
Stop Loss0.7630
Support levels0.7170, 0.7200, 0.7230, 0.7275, 0.7300, 0.7330, 0.7350, 0.7410, 0.7450, 0.7480, 0.7505, 0.7560, 0.7600
AUD/USD: aussie will continue to fall

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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