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USD/JPY: upward momentum maintains 20 September 2019, 14:15

USD/JPY: upward momentum maintains 20 September 2019, 14:15 Scenario Timeframe Weekly Recommendation BUY Entry Point 1...

Sep 13, 2019

AUD/USD: the Australian dollar consolidates 13 September 2019, 09:59


Scenario
Timeframe Intraday
Recommendation BUY STOP
Entry Point 0.6885
Take Profit 0.69330, 0.6950
Stop Loss 0.6850, 0.6840
Key Levels 0.6770, 0.6800, 0.6829, 0.6858, 0.6883, 0.6900, 0.6933
Alternative scenario
Recommendation SELL STOP
Entry Point 0.6850
Take Profit 0.6800, 0.6770
Stop Loss 0.6900
Key Levels 0.6770, 0.6800, 0.6829, 0.6858, 0.6883, 0.6900, 0.6933
Current trend
The pair AUD/USD rose moderately, renewing local highs of July 31. However, the instrument failed to consolidate at the new extremes, and by the end of the daily session, USD regained a part of the losses amid cautious optimism from the publication of statistics on consumer inflation in the United States. AUD is supported by the emerging progress on the issue of US-Chinese trade negotiations. Earlier, the parties made concessions to each other: Washington postponed the terms of the next increase in import duties, and Beijing resumed import of agricultural equipment, raw materials, and medicines from the United States.
Today, investors are focused on a block of macroeconomic statistics on the dynamics of US retail sales in August. Also, market participants are interested in data on the dynamics of import prices and the level of consumer confidence from the University of Michigan in September.
Support and resistance
On the daily chart, Bollinger bands grow moderately. The price range expands, letting the "bulls" renew local highs. MACD increases, keeping a strong buy signal (the histogram is above the signal line). Stochastic, on the contrary, is directed downwards and has not yet reacted to the resumption of uncertain growth of the instrument.
To open new positions, it is better to wait until the signals from technical indicators became clear.
Resistance levels: 0.6883, 0.6900, 0.6933.
Support levels: 0.6858, 0.6829, 0.6800, 0.6770.


Trading tips
Long positions can be opened after the breakout of 0.6883 with the targets at 0.6933–0.6950. Stop loss – 0.6850–0.6840. Implementation period: 1–2 days.
Short positions can be opened after the rebound from 0.6883 and the breakdown of 0.6858 with the target at 0.6800 or 0.6770. Stop loss – 0.6900. Implementation period: 2–3 days.

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