Today the pair is trying to correct up after a significant fall of the last few days. Data on Retail Sales that came out in Australia today matched the expectations of economists of 0.4% against the previous month. At the same time, the pair remains under pressure amid anticipated strengthening in the USD.
Today attention needs to be paid to data on the Unemployment Rate and Nonfarm Payrolls in the US that could significantly affect dynamics in the pair.
Support and resistance
On the 4-hour chart, the pair is trading near the lower MA of Bollinger Bands. Moving averages with 50, 100 and 144 periods remain above the price and directed down indicating a downward trend in the pair. MACD histogram is in the negative zone and its volumes are growing.
Support levels: 0.7015, 0.6980, 0.6935.
Resistance levels: 0.7068, 0.7129, 0.7194, 0.7246, 0.7280.
Short positions can be opened from the level of 0.7010 with the target at 0.6980 and stop-loss at 0.7025.
Long positions can be opened after the price consolidation above the level of 0.7068 with the target at 0.7129 and stop-loss at 0.7025.