Current trend

Yesterday, AUD showed a significant increase against USD, updating local highs of August 29. This week, trading has opened with an upward gap, which was a market reaction to the outcome of the G20 summit in Buenos Aires.

In particular, investors were optimistic about the agreement of Donald Trump and Xi Jinping about a 90-day break, during which new comprehensive measures to achieve trade agreements are expected to be developed.

Today, the RBA announced interest rate decision. The regulator kept the value of the rate at 1.5%. The key rate in Australia has remained unchanged for 28 consecutive months, and according to a Bloomberg forecast, the level of 1.5% will remain until Q4 2019.

No important macroeconomic publications from any side are planned for today. The data on Australian GDP are due tomorrow at 02:30 (GMT+2). The projected growth of the indicator will contribute to further strengthening of the instrument.

Support and resistance

On the H4 chart, the instrument is trading in the upper part of Bollinger Bands. Significant resistance is the level of 0.7385, the breakout of which will form a signal to open positions for purchase. The indicator is directed upwards, and the price range is expanding, which indicates the continuation of the uptrend. MACD histogram is in the positive zone, keeping a strong buy signal. Stochastic does not give clear signal for entering the market.

Resistance levels: 0.7387, 0.7425, 0.7458, 0.7490.

Support levels: 0.7331, 0.7300, 0.7275, 0.7232, 0.7198, 0.7170.

Trading tips

Long positions may be opened from the current level with targets at 0.7455 and stop loss at 0.7339. Implementation time: 1-2 days.

Short positions may be opened below 0.7330 with target at 0.7270 and stop loss at 0.7355. Implementation time: 1-3 days.

Australian vs US Dollar

BuySellSpread
0.718240.71704120

Scenario

TimeframeDay's Range
RecommendationsBUY
Entry Point0.7380
Take Profit0.7455
Stop Loss0.7339
Support levels0.7170, 0.7198, 0.7232, 0.7275, 0.7300, 0.7331, 0.7387, 0.7425, 0.7458, 0.7490

Alternative scenario

RecommendationsSELL STOP
Entry Point0.7325
Take Profit0.7270
Stop Loss0.7355
Support levels0.7170, 0.7198, 0.7232, 0.7275, 0.7300, 0.7331, 0.7387, 0.7425, 0.7458, 0.7490
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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