AUD/USD: the instrument is correcting 20.03.2020
Good afternoon, dear forum visitors!
NPBFX offers the latest release of analytics on AUD/USD for a better understanding of the current market situation and more efficient trading.
Current trend
AUD strengthens against USD during today’s Asian session, retreating from record lows updated the day before. The corrective sentiment on the instrument began to strengthen on Thursday, which allowed AUD to win back most of the losses. The Reserve Bank of Australia announced next stimulus measures following other global regulators. The interest rate was reduced from 0.50% to 0.25%, while traders expressed cautious optimism in connection with the publication of a relatively good Australian labor market report for February. However, the markets agree that the February statistics weakly reflects the real situation in the economy and the March data will be significantly worse.
Support and resistance
Bollinger Bands in D1 chart demonstrate a stable decrease. The price range is widening but does not conform to the development of the “bearish” trend yet. The MACD indicator is reversing upwards, reacting to the appearance of correctional dynamics at the end of the current week; however, it retains its sell signal (the histogram is located below the signal line). Stochastic is showing similar dynamics, retreating from its lows, indicating the oversold AUD in the ultra-short term.
It is worth looking into the possibility of correctional growth in the short and/or ultra-short term.
Resistance levels: 0.6000, 0.6078, 0.6183, 0.6303.
Support levels: 0.5800, 0.5662, 0.5508.
Trading tips
To open long positions, one can rely on the breakout of 0.6000. Take-profit – 0.6303. Stop-loss – 0.5900 or 0.5860.
The return of “bearish” trend with the breakdown of 0.5800 may become a signal for new sales with the target at 0.5508. Stop-loss – 0.5950.
Implementation time: 2-3 days.
Use more opportunities of the NPBFX analytical portal: glossary
Beginning traders certainly face a lot of specialized concepts and lexicon on FOREX, which are often not fully been understood. Swap, tick, hedge, margin calls are often unfamiliar to beginning traders. But the lack of knowledge of these fundamentals make a competent market vision impossible. So glossary on the NPBFX analytical portal could be an excellent helper in this case, which contains all the main definitions with explanations in a compact and accessible form. All concepts are arranged in alphabetical order, so that you can easily and quickly find and explore a new concept for yourself.
If you have any questions about trading instruments, you can always ask an analyst in the online chat on the portal and get a free consultation of an experienced specialist.
Use the current recommendations of analysts on AUD/USD and trade efficiently with NPBFX.
Good afternoon, dear forum visitors!
NPBFX offers the latest release of analytics on AUD/USD for a better understanding of the current market situation and more efficient trading.
Current trend
AUD strengthens against USD during today’s Asian session, retreating from record lows updated the day before. The corrective sentiment on the instrument began to strengthen on Thursday, which allowed AUD to win back most of the losses. The Reserve Bank of Australia announced next stimulus measures following other global regulators. The interest rate was reduced from 0.50% to 0.25%, while traders expressed cautious optimism in connection with the publication of a relatively good Australian labor market report for February. However, the markets agree that the February statistics weakly reflects the real situation in the economy and the March data will be significantly worse.
Support and resistance
Bollinger Bands in D1 chart demonstrate a stable decrease. The price range is widening but does not conform to the development of the “bearish” trend yet. The MACD indicator is reversing upwards, reacting to the appearance of correctional dynamics at the end of the current week; however, it retains its sell signal (the histogram is located below the signal line). Stochastic is showing similar dynamics, retreating from its lows, indicating the oversold AUD in the ultra-short term.
It is worth looking into the possibility of correctional growth in the short and/or ultra-short term.
Resistance levels: 0.6000, 0.6078, 0.6183, 0.6303.
Support levels: 0.5800, 0.5662, 0.5508.
Trading tips
To open long positions, one can rely on the breakout of 0.6000. Take-profit – 0.6303. Stop-loss – 0.5900 or 0.5860.
The return of “bearish” trend with the breakdown of 0.5800 may become a signal for new sales with the target at 0.5508. Stop-loss – 0.5950.
Implementation time: 2-3 days.
Use more opportunities of the NPBFX analytical portal: glossary
Beginning traders certainly face a lot of specialized concepts and lexicon on FOREX, which are often not fully been understood. Swap, tick, hedge, margin calls are often unfamiliar to beginning traders. But the lack of knowledge of these fundamentals make a competent market vision impossible. So glossary on the NPBFX analytical portal could be an excellent helper in this case, which contains all the main definitions with explanations in a compact and accessible form. All concepts are arranged in alphabetical order, so that you can easily and quickly find and explore a new concept for yourself.
If you have any questions about trading instruments, you can always ask an analyst in the online chat on the portal and get a free consultation of an experienced specialist.
Use the current recommendations of analysts on AUD/USD and trade efficiently with NPBFX.