AUD/USD: Australian dollar remains under pressure
Current trend
AUD showed mixed dynamics against USD on Wednesday, finishing the afternoon session at the opening levels. The reason for the ambiguous trading was the Fed's meeting minutes and the head of the regulator Jerome Powell's comments.
AUD was supported by speech of RBA’s head Philip Lowe, who focused on the positive trends in the Australian economy, namely, on Q1 GDP growth. Also, he noted that acceleration in the wages growth rate, which currently did not meet the conditions, was necessary to increase the rate. On Thursday, market participants focus on Australian Employment market data.
Today AUD is going down being under pressure from the mixed report on Australian labor market. Employment change indicator grew by 12K jobs with the forecast of +18K.
Support and resistance
Bollinger Bands in D1 chart demonstrate flat dynamics. The price range consolidated and reflects approximate boundaries of the medium-term flat corridor. MACD is going down keeping a weak sell signal (histogram is located below the signal line). In addition, the indicator is trying to gain a foothold below the zero mark. Stochastic, approaching its minimum marks, is about to reverse in a horizontal plane.
At the moment, the indicators do not contradict the further development of the "bearish" trend in the short term.
Resistance levels: 0.7588, 0.7603, 0.7622, 0.7640.
Support levels: 0.7541, 0.7521, 0.7500, 0.7474.
Trading tips
To open long positions, one can rely on the rebound from the level of 0.7541 as from support. Take-profit — 0.7588 or 0.7500. Stop-loss — 0.7500.
A breakdown of the level of 0.7541 may become a signal to further sales with target at 0.7500, 0.7474 or 0.7445. Stop-loss — 0.7570.
Implementation period: 2-3 days.
Trade
Scenario
Timeframe Intraday
Recommendation BUY LIMIT
Entry Point 0.7541
Take Profit 0.7588, 0.7500
Stop Loss 0.7500
Key Levels 0.7474, 0.7500, 0.7521, 0.7541, 0.7588, 0.7603, 0.7622, 0.7640
Alternative scenario
Recommendation SELL STOP
Entry Point 0.7535
Take Profit 0.7500, 0.7474, 0.7445
Stop Loss 0.7570
Key Levels 0.7474, 0.7500, 0.7521, 0.7541, 0.7588, 0.7603, 0.7622, 0.7640
AUD showed mixed dynamics against USD on Wednesday, finishing the afternoon session at the opening levels. The reason for the ambiguous trading was the Fed's meeting minutes and the head of the regulator Jerome Powell's comments.
AUD was supported by speech of RBA’s head Philip Lowe, who focused on the positive trends in the Australian economy, namely, on Q1 GDP growth. Also, he noted that acceleration in the wages growth rate, which currently did not meet the conditions, was necessary to increase the rate. On Thursday, market participants focus on Australian Employment market data.
Today AUD is going down being under pressure from the mixed report on Australian labor market. Employment change indicator grew by 12K jobs with the forecast of +18K.
Support and resistance
Bollinger Bands in D1 chart demonstrate flat dynamics. The price range consolidated and reflects approximate boundaries of the medium-term flat corridor. MACD is going down keeping a weak sell signal (histogram is located below the signal line). In addition, the indicator is trying to gain a foothold below the zero mark. Stochastic, approaching its minimum marks, is about to reverse in a horizontal plane.
At the moment, the indicators do not contradict the further development of the "bearish" trend in the short term.
Resistance levels: 0.7588, 0.7603, 0.7622, 0.7640.
Support levels: 0.7541, 0.7521, 0.7500, 0.7474.
Trading tips
To open long positions, one can rely on the rebound from the level of 0.7541 as from support. Take-profit — 0.7588 or 0.7500. Stop-loss — 0.7500.
A breakdown of the level of 0.7541 may become a signal to further sales with target at 0.7500, 0.7474 or 0.7445. Stop-loss — 0.7570.
Implementation period: 2-3 days.
Trade
Scenario
Timeframe Intraday
Recommendation BUY LIMIT
Entry Point 0.7541
Take Profit 0.7588, 0.7500
Stop Loss 0.7500
Key Levels 0.7474, 0.7500, 0.7521, 0.7541, 0.7588, 0.7603, 0.7622, 0.7640
Alternative scenario
Recommendation SELL STOP
Entry Point 0.7535
Take Profit 0.7500, 0.7474, 0.7445
Stop Loss 0.7570
Key Levels 0.7474, 0.7500, 0.7521, 0.7541, 0.7588, 0.7603, 0.7622, 0.7640