LiteForex - Analytics

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    Analytical review of the currency pair AUD/USD

    Technical data of the currency pair:

    Previous closing: 0.7368;
    Daily range: 0.7352-0.7386;
    Opening: 0.7357;
    52- week range: 0.6824-0.8168;
    Annual revenue: -7.11%;
    Change in % for the previous day: -1.31.

    Analytical review:

    • In the last four trading sessions the AUD fell by over 300 points against the USD. Currently, the currency is supported by the level of 0.7350.
    • Last week, important US was released, according to which 160000new jobs outside agricultural sector were created in April against the forecast of 202000.
    • Volume of retail sales in Australia in March rose by 0.4% against 0.1% for the last period and expectations of 0.3%.
    • The Australian dollar is a commodity currency. Demand for the AUD is supported by the rise in oil prices. During trading session last Friday the price of crude oil WTI rose by 0.77%.
    • The news of this week will include consumer price index in China on Tuesday and retail sales volume in the USA on Friday. This data may affect volatility and dynamics in the market.

    Summary:

    • Weak US statistics, positive Australian macro-economic data the rise in oil prices and increased market volatility put strong pressure on the currency pair.
    • It is expected that in the near future the AUD will rise against the USD. It is advisable to open long positions.

    Trading tips for the currency pair AUD/USD

    Key levels:
    Support level: 0.7350.
    Resistance levels: 0.7450 and 0.7500.

    Medium-term trading, H1: At the moment the currency is traded near the local support level of 0.7350. If the price maintains this level and in case of the respective confirmation (such as Price Action pattern), we recommend to open long positions. Risk per trade is not more than 2% of the capital. Stop order can be placed slightly below the signal line. Take profit can be placed in parts at the levels of : 0.7430, 0.7490 and 0.75700 with the use of trailing stops.


    Analytical review of the currency pair AUD/USD

    Short-term trading, М15: at the moment the currency is traded in the range of 0.7340-0.7380. It is recommended to enter the market after breaking out and testing of this zone. Positions can be opened at 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 can be placed in parts of 50%, 30% and 20% with the use of trailing stop.


    Analytical review of the currency pair AUD/USD

     

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