Current trend
Yesterday the pair grew amid strong data on the Consumer Price Index from Australia and slightly pessimistic commentaries by the Fed. At the same time, today’s data on import and export price indices from Australia showed a decline.
Today attention needs to be paid to US data on Initial Jobless Claims and Durable Goods Orders. Moderate volatility is expected on the market.
Support and resistance
On the daily chart, the pair is trading near the middle MA of Bollinger Bands. Moving averages with 50, 100 and 144 periods remain above the price and directed down indicating a descending trend in the pair. MACD histogram is in the negative zone and its volumes are falling. ADX indicates a fall, DI lines are directed down as well.
Support levels: 0.7003, 0.6953, 0.6908, 0.6832.
Resistance levels: 0.7137, 0.7213, 0.7296, 0.7340, 0.7380.
Trading tips
Short positions can be opened from the level of 0.7000 with the target at 0.6953 and stop-loss at 0.7030. Validity – 1-2 days.
Long positions can be opened after the price consolidation above the level of 0.7071 with the target at 0.7130 and stop-loss at 0.7045. Validity – 1-2 days.