Apr 7, 2020, 10:37:15 AM

AUD/USD: technical analysis

AUD/USD, H4

On the H4 chart, an uptrend is forming. The instrument left the side channel formed by the boundaries of Bollinger Bands, breaking up its upper boundary from below. The indicator cloud is expanding, which indicates the probable preservation of the growth in the short term. MACD histogram is near the zero level, and its volumes are minimal. The signal line is moving horizontally without forming a clear signal to enter the market. Stochastic is in the overbought zone and its lines are directed horizontally.

AUD/USD, D1

On the D1 chart, the instrument returned to growth after the downward correction, and is being traded around the center line of Bollinger Bands. The indicator cloud is narrowing; a lateral trend is likely to form in the medium term. The MACD histogram is in the negative area, its volumes are decreasing; the sell signal is losing its relevance. Stochastic is in the neutral area, and the lines of the oscillator are reversing upwards.

Key levels

Resistance levels: 0.6210, 0.6250.

Support levels: 0.6150, 0.6080, 0.6050.

Trading tips

Long positions could be opened from the current level with target at 0.6250 and stop-loss at 0.6150 in the short term.

Short positions may be opened from the level of 0.6080 with target at 0.6010. Stop-loss – 0.6110.

Implementation time: 1-3 days.

Scenario

  • Timeframe

    Intraday

  • Recommendation

    BUY

  • Entry Point

    0.6182

  • Take Profit

    0.6250

  • Stop Loss

    0.6150

  • Key Levels

    0.6050, 0.6080, 0.6150, 0.6210, 0.6250

Alternative scenario

  • Timeframe

    Intraday

  • Recommendation

    SELL STOP

  • Entry Point

    0.6080

  • Take Profit

    0.6010

  • Stop Loss

    0.6110

  • Key Levels

    0.6050, 0.6080, 0.6150, 0.6210, 0.6250

Tifia trading account

Open

AUD/USD forecast for today.