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USD/JPY: the epidemiological situation in Japan is rapidly deteriorating 28 July 2022, 11:47

  USD/JPY: the epidemiological situation in Japan is rapidly deteriorating 28 July 2022, 11:47 Scenario Timeframe Weekly Reco...

May 18, 2018

AUD/USD: Australian dollar remains under pressure 18 May 2018, 10:03

 


Scenario
Timeframe Intraday
Recommendation BUY STOP
Entry Point 0.7540
Take Profit 0.7612, 0.7638
Stop Loss 0.7500
Key Levels 0.7409, 0.7439, 0.7468, 0.7500, 0.7534, 0.7565, 0.7587, 0.7612
Alternative scenario
Recommendation SELL STOP
Entry Point 0.7490
Take Profit 0.7439, 0.7400
Stop Loss 0.7550
Key Levels 0.7409, 0.7439, 0.7468, 0.7500, 0.7534, 0.7565, 0.7587, 0.7612
Current trend
The Australian dollar was weakening against the US dollar on Thursday, May 17, after strong growth the day before.
AUD/USD is under pressure due to the ambiguous statistics on the Australian labor market, published on Thursday. The unemployment rate rose to 5.6% in April from 5.5% a month earlier. The employment rate turned out to be better than expected and rose to 22.6K in April from -0.7K a month earlier. Expectations for consumer price inflation rose to 3.7% in May from 3.6% a month earlier.
During the Asian session on May 18, the pair traded in different directions, waiting for the new drivers on the market. On Friday market is waiting for the speeches of US Federal Reserve’s Robert Kaplan and Lael Brainard.
Support and resistance
Bollinger bands on the daily chart move sideways. The price range is horizontal, which, however, fully corresponds to the current activity in the market.
MACD is growing, keeping a signal to buy (the histogram is above a signal line).
Stochastic turned up, which is poorly correlated with the real dynamics in the market.
Technical indicators do not give a clear signal, so it is necessary to wait for clarification of the situation.
Resistance levels: 0.7534, 0.7565, 0.7587, 0.7612.
Support levels: 0.7500, 0.7468, 0.7439, 0.7409.


Trading tips
To open long positions, you can rely on the breakout of 0.7534. Take profit – 0.7612, 0.7638. Stop loss – 0.7500. Term of realization: 2-3 days.
A sure breakdown of 0.7500 can be a signal for new corrective sales with the goals of 0.7439 or 0.7400. Stop loss – 0.7550. Term of realization: 2-3 days.

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