Current trend

Since the middle of last month, the pair is in the upward correction.

The pair was supported by strong macroeconomic statistics from Australia and the weakening US Dollar. Last week, the AUD was supported by strong data on Job Advertisements, Business Confidence and Consumer Confidence, while Monday’s data on New Motor Vehicle Sales for January exceeded forecasts by more than twice.

At the same time, in the end of last week the US Dollar was supported by strong data on Retail Sales for January.

Support and resistance

In the nearest term, the pair is expected to enter a sideways range and resume its fall after that.

Technical indicators suggest a price consolidation. MACD histogram is in the positive zone and its volumes are falling. Bollinger Bands are moving horizontally.

Support levels: 0.7120, 0.7085, 0.7055, 0.7050, 0.7040, 0.7000, 0.6980, 0.6955.

Resistance levels: 0.7135, 0.7150, 0.7175, 0.7210, 0.7240, 0.7300.

Trading tips

Short positions can be opened from current levels with targets at 0.7000, 0.6955 and stop-loss at 0.7205

AUD/USD: ascending correction is ending

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