Current trend
Last week the AUD/USD pair was trading within the sideways channel and slightly grew. The Reserve Bank of Australia didn’t increase the interest rate and kept it on the level of 1.5%. The officials expect the steady economy growth in the next few years and connect the low interest rate with the GDP growth.
Today the traders should pay attention to US Monthly Budget Statement publication, which summarizes the financial activities of federal entities and Federal Reserve banks.
Support and resistance
On the daily chart the pair is moving sideways within the channel, formed by the middle line and the lower border of Bollinger Bands. MACD histogram is in the negative zone, keeping sell signal.
Resistance levels: 0.7690, 0.7730, 0.7780, 0.7820.
Support levels: 0.7630, 0.7600, 0.7570.
Trading tips
Short positions can be opened at the level of 0.7630 with the target at 0.7570 and stop loss at 0.7690. Implementation period: 1-3 days.
Long positions can be opened at the level of 0.7710 with the target at 0.7780 and stop loss at 0.7670. Implementation period: 3-5 days.
Last week the AUD/USD pair was trading within the sideways channel and slightly grew. The Reserve Bank of Australia didn’t increase the interest rate and kept it on the level of 1.5%. The officials expect the steady economy growth in the next few years and connect the low interest rate with the GDP growth.
Today the traders should pay attention to US Monthly Budget Statement publication, which summarizes the financial activities of federal entities and Federal Reserve banks.
Support and resistance
On the daily chart the pair is moving sideways within the channel, formed by the middle line and the lower border of Bollinger Bands. MACD histogram is in the negative zone, keeping sell signal.
Resistance levels: 0.7690, 0.7730, 0.7780, 0.7820.
Support levels: 0.7630, 0.7600, 0.7570.
Trading tips
Short positions can be opened at the level of 0.7630 with the target at 0.7570 and stop loss at 0.7690. Implementation period: 1-3 days.
Long positions can be opened at the level of 0.7710 with the target at 0.7780 and stop loss at 0.7670. Implementation period: 3-5 days.