Published On: Tue, Feb 28th, 2017

AUD/USD: general analysis


Current trend

A decline in the Australian Dollar after the RBA Governor Philip Lowe speech last week was caused by the decision to keep an interest rate at the level of 1.5%. At the same time, in light of growing commodity prices the fall in the Australiana currency cannot be lasting. Today the pair slightly strengthened amid a publication of a number of macroeconomic releases in Australia. Most likely, it was supported by strong data on the Current Balance.

Today extra attention needs to be paid to data from the US on the GDP, Core Personal Consumption Expenditures, Chicago PMI and Consumer Confidence. However, as markets are waiting for today’s Donald Trump speech in Congress, volatility might remain low.

Support and resistance

Support levels: 0.7660, 0.7600, 0.7540, 0.7490.  

Resistance levels: 0.7780, 0.7800, 0.7830.

Trading tips

Long positions can be opened from current prices with targets at 0.7780, 0.7800 and stop-loss at 0.7630.

Short positions can be opened from the level of 0.7660 with targets at 0.7600, 0.7540 and stop-loss at 0.7700.  

Forex Analysis

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