Overview: The AUD/USD is to trade with bullish bias. The AUD/USD underpinned by negative dollar sentiment; increased investor risk appetite; and stronger commodity prices. But the AUD/USD gains tempered by dovish Reserve Bank of Australia monetary policy stance; dismal Australian economic outlook; concerns over economic slowdown in China. Chinese trade data Wednesday showed exports falling 3.1% in the year ending June, the first contraction since 2009. Daily chart positive-biased as MACD & stochastics in bullish mode; bullish parabolic stop-and-reverse signal hit at 0.9233 this morning.
Trading recommendation: The pair is trading above its pivot point. It is likely to trade in higher range as far as it remains above its pivot point. As far as the price is above its pivot point, trading in higher range is most favorable and buy position is recommended above its pivot with the first target at 0.934 and the second target at 0.937. You should keep in view short position below the pivot keep of the first target at 0.915, the breach of this target will move the pair downward further and expect the second target at 0.909. The pivot point stands at 0.92 .
Overview:
The AUD/USD is to trade with bullish bias. The AUD/USD underpinned by negative dollar sentiment; increased investor risk appetite; and stronger commodity prices. But the AUD/USD gains tempered by dovish Reserve Bank of Australia monetary policy stance; dismal Australian economic outlook; concerns over economic slowdown in China. Chinese trade data Wednesday showed exports falling 3.1% in the year ending June, the first contraction since 2009. Daily chart positive-biased as MACD & stochastics in bullish mode; bullish parabolic stop-and-reverse signal hit at 0.9233 this morning.
Trading recommendation:
The pair is trading above its pivot point. It is likely to trade in higher range as far as it remains above its pivot point. As far as the price is above its pivot point, trading in higher range is most favorable and buy position is recommended above its pivot with the first target at 0.934 and the second target at 0.937. You should keep in view short position below the pivot keep of the first target at 0.915, the breach of this target will move the pair downward further and expect the second target at 0.909. The pivot point stands at 0.92 .
Resistance levels:
R1 – 0.934
R2 – 0.937
R3 – 0.94
Support levels:
S1 – 0.915
S2 – 0.909
S3 – 0.907
The material has been provided by InstaForex Company – www.instaforex.com
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