Current trend
Starting from last Friday after the release of disappointing statistics on the US labor market Australian currency is actively consolidating against USD. The pair AUD/USD has been moving upward for almost all the time. In its movement the trading instrument broke through such important resistance levels as the lower border of the green channel D1 that has been supporting the price for almost two years and the key level 0.7500.
On Tuesday the Reserve Bank of Australia decided to leave the interest rate unchanged, and the investors considered it a positive factor. On Wednesday Australian GDP was higher than expected and yesterday the trading balance of Australia was released. It was lower than expected, and the growth of the pair slowed down.
No important releases from Australia are scheduled for today. As for the USA, the report on the number of drilling rigs by Baker Hughes is due at 19:00 (GMT+2).
Due to the little news we expect the pair to continue consolidating.
Support and resistance
Support levels: 0.7500, 0.7400, 0.7340.
Resistance levels: 0.7570, 0.7620, 0.7675, 0.7450.
Trading tips
Short positions may be opened at the market price with targets at 0.7500, 0.7400 and stop-loss at 0.7570.
Long positions may be opened from the level of 0.7570 with targets at 0.7620, 0.7675 and stop-loss at 0.7520.
Starting from last Friday after the release of disappointing statistics on the US labor market Australian currency is actively consolidating against USD. The pair AUD/USD has been moving upward for almost all the time. In its movement the trading instrument broke through such important resistance levels as the lower border of the green channel D1 that has been supporting the price for almost two years and the key level 0.7500.
On Tuesday the Reserve Bank of Australia decided to leave the interest rate unchanged, and the investors considered it a positive factor. On Wednesday Australian GDP was higher than expected and yesterday the trading balance of Australia was released. It was lower than expected, and the growth of the pair slowed down.
No important releases from Australia are scheduled for today. As for the USA, the report on the number of drilling rigs by Baker Hughes is due at 19:00 (GMT+2).
Due to the little news we expect the pair to continue consolidating.
Support and resistance
Support levels: 0.7500, 0.7400, 0.7340.
Resistance levels: 0.7570, 0.7620, 0.7675, 0.7450.
Trading tips
Short positions may be opened at the market price with targets at 0.7500, 0.7400 and stop-loss at 0.7570.
Long positions may be opened from the level of 0.7570 with targets at 0.7620, 0.7675 and stop-loss at 0.7520.