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Current trend
Today, the AUD/USD pair was growing, which was caused by favorable statistics on Australia's GDP. The indicator overshot the forecast, increasing by 2.4% on a year-on-year basis and by 1.1% from one quarter to the next. Wednesday morning was also marked by US President Trump's speech in Congress, which caused outbreaks of market volatility. The pair gained even more ground and reached its maximum after the President stated that he is going to call off the Obamacare program, but as the tax cut plan for both corporate clients and middle class was revealed, US dollar managed to win back its positions.
Today, investors should pay attention to ISM Manufacturing Index and to construction expenses in USA as of January.
Support and resistance
On the H4 chart, the pair was corrected to the middle line of Bollinger Bands. MACD histogram is in positive zone, gradually reducing its volumes.
Support levels: 0.7630, 0.7570, 0.7527, 0.7440, 0.7350, 0.7275, 0.7175.
Resistance levels: 0.7690, 0.7730, 0.7780.
Trading tips
Short positions with targets at 0.7600 and stop-loss at 0.7700 may be opened at current price.
Long positions would be relevant at the level of 0.7700 with take-profits at 0.7750 and stop-loss at 0.7660.
Implementation time: 1-3 days.
Today, the AUD/USD pair was growing, which was caused by favorable statistics on Australia's GDP. The indicator overshot the forecast, increasing by 2.4% on a year-on-year basis and by 1.1% from one quarter to the next. Wednesday morning was also marked by US President Trump's speech in Congress, which caused outbreaks of market volatility. The pair gained even more ground and reached its maximum after the President stated that he is going to call off the Obamacare program, but as the tax cut plan for both corporate clients and middle class was revealed, US dollar managed to win back its positions.
Today, investors should pay attention to ISM Manufacturing Index and to construction expenses in USA as of January.
Support and resistance
On the H4 chart, the pair was corrected to the middle line of Bollinger Bands. MACD histogram is in positive zone, gradually reducing its volumes.
Support levels: 0.7630, 0.7570, 0.7527, 0.7440, 0.7350, 0.7275, 0.7175.
Resistance levels: 0.7690, 0.7730, 0.7780.
Trading tips
Short positions with targets at 0.7600 and stop-loss at 0.7700 may be opened at current price.
Long positions would be relevant at the level of 0.7700 with take-profits at 0.7750 and stop-loss at 0.7660.
Implementation time: 1-3 days.