Current trend

Yesterday, USD strengthened against AUD. The upward trend was not prevented by the release of poor US statistics, where Housing Starts index reached 1,201 million in September against the forecast of 1,237 million. FOMC Meeting Minutes release, according to which the regulator intends to continue the policy of the gradual increase in interest rates, also contributed to the growth of USD. In response, investors began to purchase the US currency actively.

Today, AUD regained back part of the lost positions despite the slowdown in employment growth: Employment Change indicator rose by 5.6K in September, which was lower than predicted (15.0K). The currency was supported by the Unemployment Rate, which decreased by 0.3% to 5%.

Today, the traders are focused on US Initial Jobless Claims release at 14:30 (GMT+2). It is predicted that the value of the index will reduce to 211K from 214K a week earlier. Confirmation of the forecast can support USD.

Support and resistance

On the 4-hour chart, the instrument is moving within the sideways channel, the pair was corrected to the middle line of Bollinger bands. MACD histogram is in the area of ​​the zero line, its volumes are minimal.

Resistance levels: 0.7130, 0.7160, 0.7200, 0.7238, 0.7260, 0.7290, 0.7314.

Support levels: 0.7103, 0.7085, 0.7065, 0.7040.

Trading tips

Short positions can be opened from the level of 0.7100 with the target at 0.7040 and stop loss 0.7130.

Long positions can be opened from the level of 0.7160 with the target at 0.7230 and stop loss 0.7130.

Implementation period: 1–3 days.

Australian vs US Dollar

BuySellSpread
0.72820.7279822

Scenario

TimeframeDay's Range
RecommendationsSELL STOP
Entry Point0.7100
Take Profit0.7040
Stop Loss0.7130
Support levels0.7040, 0.7065, 0.7085, 0.7103, 0.7130, 0.7160, 0.7200, 0.7238, 0.7260, 0.7290, 0.7314

Alternative scenario

RecommendationsBUY STOP
Entry Point0.7160
Take Profit0.7230
Stop Loss0.7130
Support levels0.7040, 0.7065, 0.7085, 0.7103, 0.7130, 0.7160, 0.7200, 0.7238, 0.7260, 0.7290, 0.7314
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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