| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | SELL STOP |
| Entry Point | 0.6500 |
| Take Profit | 0.6400, 0.6200 |
| Stop Loss | 0.6580 |
| Key Levels | 0.6200, 0.6400, 0.6505, 0.6570, 0.6675, 0.6700 |
| Alternative scenario | |
|---|---|
| Recommendation | BUY STOP |
| Entry Point | 0.6575 |
| Take Profit | 0.6675, 0.6700 |
| Stop Loss | 0.6510 |
| Key Levels | 0.6200, 0.6400, 0.6505, 0.6570, 0.6675, 0.6700 |
AUD/USD, D1
On the daily chart, the AUD/USD pair resumed growth from the area of 0.6400 (0.0% retracement) and rose to 0.6570 (38.2% retracement), but cannot consolidate above it yet. If successful, the movement will be able to continue with targets 0.6625 (50.0% retracement) and 0.6675 (61.8% retracement). The key level for the "bears" is 0.6505 (23.6% retracement) supported by the center line of Bollinger Bands, the breakdown of which will act as a catalyst for reaching 0.6400.
Technical indicators don't provide a clear signal: Bollinger Bands are trying to reverse upwards, MACD is preparing to move into the positive zone, but Stochastic is preparing to leave the overbought zone and form a sell signal.
AUD/USD, W1
On the weekly chart, the AUD/USD pair is trading within a downward Fan: currently, the price has risen above 0.6505 (23.6% retracement) and is testing the center line of Bollinger Bands (0.6575), if it breaks through, the next growth targets could be 0.6777 (38.2% retracement) and 0.6855 (50.0% retracement). If the price consolidates below the level of 0.6505, quotes will be able to return to the area of the initial growth of 0.6200 (0.0% retracement).
Technical indicators don't provide a clear signal: Bollinger Bands are trying to reverse downwards, MACD is at the zero line, its volumes are insignificant, but Stochastic is directed upwards.
Support and resistance
A resumption of the decline in the trading instrument in the near future seems more likely. If the level of 0.6505 (23.6% retracement, D1 and W1) is broken down, its targets will be the levels 0.6400 (0.0% retracement, D1), 0.6200 (0.0% retracement, W1). If the price consolidates above the level of 0.6570 (38.2% retracement, D1, center line of Bollinger Bands, W1), growth can resume to the targets 0.6675 (61.8% retracement, D1) and 0.6700 (38.2% retracement, W1).
Resistance levels: 0.6570, 0.6675, 0.6700.
Support levels: 0.6505, 0.6400, 0.6200.
Trading tips
Short positions could be opened below 0.6505 with targets at 0.6400, 0.6200 and stop-loss at 0.6580. Implementation period: 5-7 days.
Long positions may be opened above 0.6570 with targets at 0.6675, 0.6700 and stop-loss at 0.6510.
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