Technical data of the currency pair:
Previous closing: 0.7671;
Daily range: 0.7635-0.7673;
52- week range: 0.6824-0.8168;
Annual revenue: 0.71%;
Change in % for the previous day: 0.39.
- Over the last three trading sessions the AUD has significantly strengthened against the USD (over 150 points). During yesterday’s trading session the currency has grown by 0.39%.
- US statistics released yesterday showed as per ADP, the number of employed in the private sector of the USA has increased by 200000, which was above the forecast of 194000.
- The AUD is a commodity currency. Demand for the AUD was increased due of the rise in the oil prices caused by decrease of the oil reserves last week.
- “Commitments of Traders” shows ambiguous picture. Large speculators have increased long positions by 4857 contracts. Short positions have been increased by 11606 contracts.
- This week, some important US news will be released, which may affect movement direction in the pair. On 1 April non-farm payrolls will become known.
- Despite positive US statistics the USD continues to decline against the major currencies. A statement of the head of the US Fed about being “cautious” in making interest rate decision has decreased expectations of the monetary policy tightening in the USA.
- According to “COT” large speculators do not have common opinion about the Yen.
- Movement is missed in the market. We recommend to enter the market from the key support and resistance levels.
Trading tips for the currency pair AUD/USD
Long-term trading: prior to publication of the US on non-farm payrolls on Friday 1 April, we do not expect changes in the movement of the AUD. At the moment it is advisable to refrain from opening long-term transactions on the pair AUD/USD. It is recommended to enter the market after the release of the American statistics and re-testing of the key support and resistance levels and in case of the respective confirmations (such as Price Action pattern).
Medium-term trading: At the moment the currency is traded in the range of 0.7645-0.7695. After breaking out support level of 0.7645 and in case of the respective confirmation (such as Price Action pattern), we recommend to open short positions. Risk per trade is not more than 2% of the capital. Stop order can be placed slightly above the signal line. Take profit can be placed in parts at the levels of 0.7585, 0.7525 and 0.7490 with the use of trailing stops.