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AUD/USD: AUD is consolidating 06.05.2019
Good afternoon, dear forum visitors!
NPBFX offers the latest release of analytics on AUD/USD for a better understanding of the current market situation and more efficient trading.
Today, AUD is growing moderately after the opening with a negative gap. Last Friday, the pair managed to show quite active growth, although macroeconomic statistics from Australia remained disappointing.
Building approvals in March fell by 15.5% MoM. In annual terms, the index was –27.3% YoY. Today, AUD receives moderate support from the Chinese statistics on business activity, but is under pressure from weak data from Australia. TD Securities inflation rate in April increased by 0.2% MoM, slowing down from the previous +0.4% MoM. ANZ Job Advertisements in April fell by 0.1% MoM after declining by 1.7% MoM in March. Investors are focused on tomorrow's RBA meeting on the interest rate and a block of statistics on imports/exports and retail sales in March.
Support and resistance
Bollinger Bands in D1 chart demonstrate a stable decrease. The price range is narrowing from above, reflecting ambiguous dynamics in the short term. MACD is declining keeping a weak sell signal (located below the signal line). Stochastic tends to reverse into a horizontal plane against the background of the appearance of an uptrend at the end of the last trading week.
Technical indicators do not contradict the further development of the "bearish" trend in the short and/or ultra-short term. However, there is no need to rush with the opening of new short positions.
Resistance levels: 0.7000, 0.7032, 0.7051, 0.7072.
Support levels: 0.6984, 0.6960, 0.6936, 0.6900.
To open long positions, one can rely on the breakout of 0.7000–0.7020. Take profit – 0.7051 or 0.7072. Stop loss — 0.7000 or 0.6980.
The rebound from 0.7000 as from resistance with the subsequent breakdown of 0.6984–0.6970 can become a signal to further sales with target at 0.6936 or 0.6900. Stop loss — 0.7000–0.7010.
Implementation time: 2-3 days.
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Use the current recommendations of analysts on AUD/USD and trade efficiently with NPBFX.