Current trend
Last week the pair significantly fell amid the publication of weak data on the Consumer Price Index in Australia. In the first quarter, the index fell by 0.2% while economists forecasted a 0.3% growth.
At the same time, the pair was supported by today’s data on TD Securities Inflation from Australia that showed a 0.1% growth in the index. Today attention also needs to be paid to data on the Markit and ISM Manufacturing PMI’s from the US. Data above the forecasts might support the US Dollar.
Support and resistance
On the 4-hour chart, the pair is trading in the upper Bollinger band. MACD histogram is in the negative zone and its volumes are almost not changing. Stochastic is growing.
Support levels: 0.7610, 0.7580, 0.7560, 0.7540, 0.7500.
Resistance levels: 0.7640, 0.7650, 0.7670, 0.7700, 0.7725, 0.7750, 0.7780, 0.7830.
Trading tips
Long positions can be opened from the level of 0.7650 with targets at 0.7700, 0.7750 and stop-loss at 0.7610. Validity – 1-2 days.
Short positions can be opened from the level of 0.7610 with targets at 0.7580, 0.7560 and stop-loss at 0.7630. Validity – 1-2 days.
Last week the pair significantly fell amid the publication of weak data on the Consumer Price Index in Australia. In the first quarter, the index fell by 0.2% while economists forecasted a 0.3% growth.
At the same time, the pair was supported by today’s data on TD Securities Inflation from Australia that showed a 0.1% growth in the index. Today attention also needs to be paid to data on the Markit and ISM Manufacturing PMI’s from the US. Data above the forecasts might support the US Dollar.
Support and resistance
On the 4-hour chart, the pair is trading in the upper Bollinger band. MACD histogram is in the negative zone and its volumes are almost not changing. Stochastic is growing.
Support levels: 0.7610, 0.7580, 0.7560, 0.7540, 0.7500.
Resistance levels: 0.7640, 0.7650, 0.7670, 0.7700, 0.7725, 0.7750, 0.7780, 0.7830.
Trading tips
Long positions can be opened from the level of 0.7650 with targets at 0.7700, 0.7750 and stop-loss at 0.7610. Validity – 1-2 days.
Short positions can be opened from the level of 0.7610 with targets at 0.7580, 0.7560 and stop-loss at 0.7630. Validity – 1-2 days.