FX:AUDUSD   Australian Dollar/U.S. Dollar
46 0 1
Current trend

The AUD/USD             pair is strengthening, though, according to macroeconomic statistics, Australia’s trade balance deficit grew to 3.305 billion.
The Australian Dollar             is under pressure due to a fall in iron ore prices and uncertainty about China’s economic outlook.

Today, attention needs to be paid to Initial Jobless Claims and ISM Non-Manufacturing PMI statistics. The ISM Non-Manufacturing PMI is expected to decline from 59.1 to 58.0 points that might affect the US Dollar             .

Support and resistance

On the 4-hour chart, the pair is trading between the upper and the middle MAs of Bollinger Bands . The price remains above the MA50, MA100 and MA144, all directed up. MACD histogram is in the positive zone, while ADX indicates downward movement.
Today, the price is expected to trade within the range of 0.7330-0.7287.

Support levels: 0.7287, 0.7261 (MA50).
Resistance levels: 0.7330, 0.7342 ( local             high), 0.7360, 0.7400.

Trading tips

Long positions can be opened after the consolidation above the level of 0.7330 with the target at 0.7360 and stop-loss at 0.7315.
Short positions can be opened from the level of 0.7287 with the target at 0.7250 and stop-loss at 0.7300.
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