Technical data of the currency pair:
Previous closing: 0.7544;
Daily range: 0,7533-0,7668;
52- week range: 0.6824-0.8168;
Annual revenue: -0.55%;
Change in % for the previous day: -0.68.
- Over the last four trading sessions the currency traded in the range of 0.7615-0.7700. Yesterday the currency pair managed to break out and consolidate below the level of 0.7615; The Australian dollar rose by 0.68%.
- As expected, RBA left interest rate unchanged at the level of 2.00%. Executives of the bank expect better labor market data which will prove good state of economy and positive effect of the current monetary policy.
- Yesterday, important US statistics was released, which showed that activity index in the non-production sector rose by 2% up to 54.5, against the forecast of 54.0. According to US Trade Department deficit of trade balance rose by 2.6% up to 47.06 billion USD.
- “Commitments of Traders” shows mixed picture. Large speculators have increased the number of long positions by 721 contracts. Short positions have been increased by 4902 contracts.
- Economic data of this week will include minutes of FOMC meeting (today) and speech of the US Fed chairman. This data may affect dynamics and volatility in the market.
- НPressure on the pair is caused by ambiguous US economic statistics, increased volatility in the financial market, economic problems in China.
- According to “COT” large speculators do not have general opinion on the currency pair.
- Movement is mixed in the market. We recommend to enter the market from the key support and resistance levels.
Trading tips for the currency pair AUD/USD
Medium-term trading: At the moment the currency has broken down the local support level of 0.7570. If the price maintains and tests the zone of 0,7570-0,7615 and in case of the respective confirmation (such as Price Action pattern), we recommend to open short positions. Risk per trade is not more than 2% of the capital. Stop order can be placed slightly above the signal line. Take profit can be placed in parts at the levels of 0.7520, 0.7485 and 0.7440 with the use of trailing stops.
Short-term trading: on the chart with the timeframe 15M the currency is traded in the range of 0,7520-0,7565. We recommend to enter the market after breakout and testing of these levels. Positions can be opened at the signal line and the nearest support/resistance levels. Take profit can be placed in parts of 50%, 30% and 20% with the use of trailing stop.