2 June, 2015
Since the beginning of today’s trading session the USD has been declining against major counterparts. The rise against the USD in the AUD/USD has accelerated when RBA announced that the interest rate would be left at the previous level of 2.00%. Despite the statement by RBA that the Australian dollar should fall further down to facilitate the process of redirection of the economic development from mining to the other sectors, the pair AUD/USD has grown by 40 points within an hour.
Today’s news will include the data on the US industrial orders (17:00 (GMT+3)), which can affect movement direction in the pair AUD/USD.
Support and resistance
On the daily chart the pair has rebounded from the level of 0.7590 (Fibonacci 0%). In case of upward correction the pair will go to 0.8025 (Fibonacci 23.6%) and 0.8180 (ÅÌÀ200).
On the four-hour chart the indicators OsMA and Stochastic demonstrate buy signals.
In anticipation of the release of Non-farm Payrolls on Friday, the USD can continue today’s downward correction, and the pair AUD/USD can go up to 0. 7820 (ÅÌÀ200 on the four-hour chart) and 0.7915. The next target can be at the level of 0.8025 (Fibonacci 23.6%). However, in the medium-term the pair tends to decline due to tight monetary policy in the USA and soft monetary policy led by RBA.
Support levels: 0.7705, 0.7745, 0.7820, 0.7915 and 0.8025.
Resistance levels: 0.7590 and 0.7450.
Pending sell orders can be placed at the levels of 0.7710 and 0.7740 with the targets of 0.7610 and 0.7590. It makes sense to open long positions after breakdown of the level of 0.7740 with the targets of 0.7820 and 0.7915.
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