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 .
However, in the medium term, the pair tends to continue declining due to different approaches to 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 , OsMA and recommend long positions.
The nearest is 0.7290. If this level is broken out, a growth to 0.7325 (EMA144 on the ) 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 ).
Support levels: 0.7210, 0.7100, 0.7030, 0.6980, 0.6910.
Resistance levels: 0.7290, 0.7325, 0.7400, 0.7450, 0.7510.
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.