AUD/USD: growth in oil prices supported AUD

FX:AUDUSD   Australian Dollar / U.S. Dollar
30 0 1
Current trend

Yesterday, after the Energy Information Administration reported a fall in US crude inventories, the price of oil             grew by 3.8%.
Since opening of the trading day, the AUD/USD             pair has been strengthening amid a growth in commodity prices. The Australian Dollar             gained support as Australia is a large exporter of commodities .
However, in the medium term, the pair tends to continue declining due to different approaches to monetary policy of the Fed and RBA.
Today, attention needs to be paid to Initial Jobless Claims data, due in the US. If the indicator comes in below the forecast, the pair might get another impulse for growth.

Support and resistance

On the 4-hour and daily charts , OsMA and Stochastic recommend long positions.
The nearest resistance level is 0.7290. If this level is broken out, a growth to 0.7325 (EMA144 on the daily chart ) will be possible.

If the price declines below the level of 0.7210, it might move further down to 0.7100 (lower border of an ascending correctional channel on the daily chart ).

Support levels: 0.7210, 0.7100, 0.7030, 0.6980, 0.6910.
Resistance levels: 0.7290, 0.7325, 0.7400, 0.7450, 0.7510.

Trading tips

Short positions can be opened from the level of 0.7220 with targets at 0.7110, 0.7090, 0.7030, 0.6980, 0.6910 and stop-loss at 0.7250.
Long positions can be opened from the level of 0.7310 with targets at 0.7325, 0.7410, 0.7450, 0.7490 and stop-loss at 0.7280.
More analytic from LiteForex:
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out