Current trend
Today the pair significantly grew amid a publication of strong macroeconomic statistics in Australia. Building Permits in April increased by 3% instead of a forecasted decline of 2.8%, while the Private Sector Credit rose from 6.4% to 6.7%.
Today attention also needs to be paid to data on the Consumer Confidence in the US. Growth in the index will pressure the pair.
Support and resistance
On the daily chart, the pair is trading in the lower Bollinger band, while bands are directed down and the price range is narrowing. MACD histogram is in the negative zone and signalling sales. Stochastic is growing.
Support levels: 0.7216, 0.7182, 0.7137, 0.7107, 0.7067, 0.7054, 0.7004.
Resistance levels: 0.7288, 0.7334, 0.7364, 0.7406, 0.7451.
Trading tips
Long positions can be opened from current prices with the target at 0.7288 and stop-loss at 0.7216. Validity – 1 day.
Short positions can be opened from the level of 0.7288 with targets at 0.7182, 0.7107 and stop-loss at 0.7334. Validity – 1-3 days.
Today the pair significantly grew amid a publication of strong macroeconomic statistics in Australia. Building Permits in April increased by 3% instead of a forecasted decline of 2.8%, while the Private Sector Credit rose from 6.4% to 6.7%.
Today attention also needs to be paid to data on the Consumer Confidence in the US. Growth in the index will pressure the pair.
Support and resistance
On the daily chart, the pair is trading in the lower Bollinger band, while bands are directed down and the price range is narrowing. MACD histogram is in the negative zone and signalling sales. Stochastic is growing.
Support levels: 0.7216, 0.7182, 0.7137, 0.7107, 0.7067, 0.7054, 0.7004.
Resistance levels: 0.7288, 0.7334, 0.7364, 0.7406, 0.7451.
Trading tips
Long positions can be opened from current prices with the target at 0.7288 and stop-loss at 0.7216. Validity – 1 day.
Short positions can be opened from the level of 0.7288 with targets at 0.7182, 0.7107 and stop-loss at 0.7334. Validity – 1-3 days.