AUD/USD: general review
24 January 2019, 14:03
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | BUY LIMIT |
| Entry Point | 0.7080 |
| Take Profit | 0.7141, 0.7202 |
| Stop Loss | 0.7060 |
| Key Levels | 0.6958, 0.7019, 0.7080, 0.7141, 0.7202, 0.7263 |
| Alternative scenario | |
|---|---|
| Recommendation | SELL STOP |
| Entry Point | 0.7070 |
| Take Profit | 0.7019, 0.6958 |
| Stop Loss | 0.7110 |
| Key Levels | 0.6958, 0.7019, 0.7080, 0.7141, 0.7202, 0.7263 |
Current trend
This week, the AUD/USD pair was corrected downwards. AUD was under pressure due to rumors about new problems in the trade negotiations between China and the United States, as well as a series of negative statistics.
Today, December statistics from the Australian labor market was released, which looked positive. The unemployment rate dropped to 5.0%, and the employment rate rose by 21.6K. However, the overall employment growth was achieved due to an increase in the number of citizens working part-time (24.6K), and the number of full-time workers has declined for the second month in a row, this time by 3K. Thus, the state of the labor market in Australia cannot be called stable.
Support and resistance
Now the price has fallen below the middle line of Bollinger bands and tends to the level of 0.7080 (Murrey [4/8]). Its breakdown will give the prospect of a further decline to the levels of 0.7019 (Murrey [3/8]) and 0.6958 (Murrey [2/8]).
However, the entry of Stochastic into the oversold zone gives the probability of a reversal and the beginning of growth to 0.7141 (Murrey [5/8]) and 0.7202 (Murrey [6/8]), which seems more likable.
Support levels: 0.7080, 0.7019, 0.6958.
Resistance levels: 0.7141, 0.7202, 0.7263.
Trading tips
Long positions can be opened when the price reverses around the level of 0.7080 with the targets at 0.7141, 0.7202 and stop loss around 0.7060.
Short positions can be opened when the price consolidates below the level of 0.7080 with the targets at 0.7019, 0.6958 and stop loss 0.7110.
Implementation period: 4–5 days.
This week, the AUD/USD pair was corrected downwards. AUD was under pressure due to rumors about new problems in the trade negotiations between China and the United States, as well as a series of negative statistics.
Today, December statistics from the Australian labor market was released, which looked positive. The unemployment rate dropped to 5.0%, and the employment rate rose by 21.6K. However, the overall employment growth was achieved due to an increase in the number of citizens working part-time (24.6K), and the number of full-time workers has declined for the second month in a row, this time by 3K. Thus, the state of the labor market in Australia cannot be called stable.
Support and resistance
Now the price has fallen below the middle line of Bollinger bands and tends to the level of 0.7080 (Murrey [4/8]). Its breakdown will give the prospect of a further decline to the levels of 0.7019 (Murrey [3/8]) and 0.6958 (Murrey [2/8]).
However, the entry of Stochastic into the oversold zone gives the probability of a reversal and the beginning of growth to 0.7141 (Murrey [5/8]) and 0.7202 (Murrey [6/8]), which seems more likable.
Support levels: 0.7080, 0.7019, 0.6958.
Resistance levels: 0.7141, 0.7202, 0.7263.
Trading tips
Long positions can be opened when the price reverses around the level of 0.7080 with the targets at 0.7141, 0.7202 and stop loss around 0.7060.
Short positions can be opened when the price consolidates below the level of 0.7080 with the targets at 0.7019, 0.6958 and stop loss 0.7110.
Implementation period: 4–5 days.
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