Technical data of the currency pair:
Previous closing: 0.7237;
Daily range: 0.7215-0.7256;
52- week range: 0.6824-0.8168;
Annual revenue: -8.09%;
Change in % for the previous day: 0.54.
- In the last two trading sessions the AUD has traded in the range of 0.7160-0.7210. During yesterday’s trading session the AUD broke down the upper limit of the range and rose against the USD by 0.54%;
- On Wednesday US data on the sales of new houses showed the decrease to 494К, which was below the forecast by 5%.
- Yesterday US Ministry of Trade said that the volume of orders for durable goods had increased by 1.8%, which is above analysts’ expectations.
- The Australian dollar is a commodity currency. Australia’s economy depends on exports as it sells commodities in the foreign markets. Saudi Arabia and Iraq announced that their countries are not going to reduce oil production and lose market.
- “Commitments of Traders” shows ambiguous picture. Large speculators do not have one opinion about the AUD There are more long positions than short positions (approximately by 4%).
- During yesterday’s trading session the AUD rose by 0.54% against the USD. Ambiguous US macro-economic statistics and decline in oil prices trigger high volatility in the currency pair AUD/USD. According to “COT” large speculators do not have a common opinion about the AUD.
- Significant influence on the movement in the pair AUD/USD might have comments by Central Bank President and macro-economic statistics. We recommend to enter the market at the key support and resistance levels.
Trading tips for the currency pair AUD/USD
Medium-term trading: the currency has broken down the local resistance level of 0.7210. After testing and consolidating of the “mirrored” support level of 0.7210 and in case of respective confirmation (for example, a pattern Price Action), we recommend to open long positions. Risk per trade is less than 2% of capital. Stop-order can be placed slightly above the signal line. Take profit should be placed in parts at the levels of 0.7250, 0.7290 and 0.7350 with the use of trailing stop.
Short-term trading: on the chart with the timeframe 15M currently, the pair is traded in the range of 0.7215-0.7235. We recommend to enter the market after breaking down and testing of this zone. Positions can be opened near the signal line and the nearest support/resistance levels. Risk per trade is not more than 3% of capital. Stop-order can be placed slightly above/below the signal line. Take profit should be placed in parts at the levels of 50%, 30% and 20% with the use of trailing stop.