Current trend

Yesterday the pair grew to its local highs amid some weakening in the USD that remains under pressure prior to the Fed Interest Rate Decision that is due today.

At the same time, the pair was pressured by poor data from Australia that came out on Monday. The National Australia Bank’s Business Confidence in December fell from 5 to 3 points, while the Business Conditions fell from 10 to 7 points.

Support and resistance

Bollinger Bands on the daily chart is turning horizontally while the price range is slowly widening. MACD is growing and giving a buy signal. Stochastic turned sideways near the overbought zone.

The indicators recommend waiting for clearer trading signals.

Support levels: 0.7015 (local low), 0.6981, 0.6936, 0.6900 (21 January low), 0.6875, 0.6850, 0.6826 (15 January low).

Resistance levels: 0.7045 (22 January high), 0.7068, 0.7100, 0.7128, 0.7158 (6 January high), 0.7183, 0.7200.

Trading tips

Long positions can be opened after the breakout and consolidation above the level of 0.7045 with targets at 0.7100, 0.7130 and stop-loss at 0.7010. Validity – 2-3 days.

Short positions can be opened after the breakdown of the level of 0.7000 with the target at 0.6940 and stop-loss at 0.7020. Validity – 2-3 days.

AUD/USD: pair at local highs

AUD/USD: pair at local highs




Materials published on this page are provided by LiteForex for informational purposes only and should not be construed as investment advice or advice for the purposes of 2004/39/EC Directive. In addition, these materials have not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on the further distribution of investment research.



Follow us in social networks!
Live Chat
Leave feedback