LiteForex - Analytics

    LiteForex

    803.25 7.50/10
    78% of positive reviews
    Real

    Analytical review for AUD/USD as of 01.06.2016

    Technical indicators of the currency pair:

    Prev. closure: 0.7234;
    Daily range: 0.7228-0.7299;
    Opening 0.7234;
    52-week range: 0.6824-0.7851;
    Annual profit: -6.11%;
    Previous day's change (%): 0.74.

    Analytical review:

    • The currency has been traded in a range of 0.7150-0.7250 in the past two weeks. On Monday, the currency pair managed to hold the lower border of the price range, so the Australian dollar grew by over 100 points;
    • Important statistics on the Australian economy have been released today. According to the data of the Australian Bureau of Statistics, the country's GDP has grown 1.1% against a 0.7% growth registered in the previous quarter. Market expectations were at a level of 0.8%;
    • China is Australia's important strategic partner in the economic sector. China Logistics Information Centre has reported that the business activity index for the manufacturing sector (PMI) amounted to 50.1 points against a forecast of 50 points;
    • The Australian dollar belongs to commodity currencies. A demand for this currency grows as oil quotes grow. The price of WTI oil has increased by over 10% since the beginning of May;
    • The Commitments of Traders Report shows that important market operators have increased the number of their long positions by 20984 contracts to 45619 contracts. The number of short positions amounts to 46459 contracts.

    Summary:

    • Upbeat statistics on Australia's and China's economies and the growth of oil quotes support the demand for the Australian dollar. According to the Commitments of Traders Report, important operators have boosted their long positions;
    • Thus, we expect that the AUD will consolidate against the USD in the nearest future. We advise you to search for market entry points to open long positions.

    Trading tips for AUD/USD

    Key levels:
    Support levels: 0.7250, 0.7195
    Resistance levels: 0.7295, 0.7350

    Medium-term trading, H1
    The currency has broken and steadied above a local resistance level of 0.7250. Once a mirror support level of 0.7250 is tested and held, and relevant confirming signals appear (PriceAction patterns, for example), we recommend searching for market entry points to open long positions. Risk per trade: no more than 2% of equity. Stop order shall be placed a bit below the signal line. We recommend that prospective profits should be fixed partly at the levels of 0.7290, 0.7340, and 0.7390, with Trailing Stop applied.

    Medium-term trading, H1
    Medium-term trading, H1

    Short-term trading, M15
    the currency is currently trading near the demand zone of 0.7250-0.7265. Once this zone steadies, we recommend searching for market entry points to open long positions. Risk per trade: no more than 3% of equity. Stop order shall be placed at 0.7230. We recommend that prospective profits should be fixed partly at the levels of 0.7290, 0.7320 and 0.7340, with Trailing Stop applied.

    Short-term trading, M15
    Short-term trading, M15


    To leave a comment you must or Join us


    By visiting our website and services, you agree to the conditions of use of cookies. Learn more
    I agree