Global recovery/reflation trade is helping to improve Australia's trading conditions as commodity prices continue to rise. The price of iron ore has recently risen sharply and is now approaching its highest level in nearly a decade. If the external environment is still favorable to the Aussie dollar, as we expect it to be, it will force the RBA to keep its soft policy.
AUD/USD, 30 min
Pivot: 0.7654
Analysis:
Provided that the currency pair is traded below 0.7680, follow the recommendations below:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 0.7654
- Take Profit 1: 0.7620
- Take Profit 2: 0.7585
Alternative scenario:
In case of breakout of the level 0.7680, follow the recommendations below:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 0.7680
- Take Profit 1: 0.7715
- Take Profit 2: 0.7750
Comment:
RSI shows the possibility of descending momentum during the day.
Key levels:
Resistance Support
0.7750 0.7620
0.7715 0.7585
0.7680 0.7560
AUD/USD, D1
Pivot: 0.7711
Analysis:
While the price is below 0.7830, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 0.7711
- Take Profit 1: 0.7555
- Take Profit 2: 0.7460
Alternative scenario:
If the level 0.7830 is broken-out, follow the recommendations below.
- Time frame: D1
- Recommendation: long position
- Entry point: 0.7830
- Take Profit 1: 0.8000
- Take Profit 2: 0.8085
Comment:
RSI shows a bearish sentiment.
Key levels:
Resistance Support
0.8085 0.7555
0.8000 0.7460
0.7830 0.7340
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