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USD/CAD: technical analysis 15 October 2019, 12:43

USD/CAD: technical analysis 15 October 2019, 12:43 Scenario Timeframe Weekly Recommendation BUY STOP Entry Point 1.324...

Oct 8, 2019

AUD/USD: instrument consolidates 08 October 2019, 10:45


Scenario
Timeframe Intraday
Recommendation BUY STOP
Entry Point 0.6765
Take Profit 0.6807, 0.6829
Stop Loss 0.6730, 0.6725
Key Levels 0.6669, 0.6700, 0.6717, 0.6738, 0.6759, 0.6779, 0.6807, 0.6829
Alternative scenario
Recommendation SELL STOP
Entry Point 0.6710
Take Profit 0.6650
Stop Loss 0.6745
Key Levels 0.6669, 0.6700, 0.6717, 0.6738, 0.6759, 0.6779, 0.6807, 0.6829
Current trend
Yesterday, the AUD/USD pair fell, interrupting the ultra-short-term “bullish” trend, which reached the local highs of October 1. The instrument is under pressure by poor Australian macroeconomic statistics and the alarming start of new US-China negotiations. Yesterday, it became known that China would not make concessions on the issue of reducing subsidies for its industry. Yesterday’s AiG Construction PMI fell from 44.6 to 42.6 points for September, which was worse than market expectations. Today, the pair grows despite the ambiguous Australian and Chinese data. Australia’s September ANZ Job Advertisements index rose slightly by 0.3% MoM after a decline of 2.6% MoM last month. NAB Business Survey for September increased from 1 to 2 points, and NAB Business Confidence for the same period decreased from 1 to 0 points. Chinese PMI Caixin Service PMI for September fell from 52.1 to 51.3 points against the forecast of growth to 52.9 points.
Support and resistance
On the daily chart, Bollinger Bands reverse horizontally. The price range narrows, reflecting the multidirectional dynamics of trading in the short term. MACD grows, keeping a moderate buy signal (the histogram is above the signal line). Stochastic grows but is near its highs, which signals that AUD may become overbought in the ultra-short term.
It is better to keep the current long positions until the situation becomes clear.
Resistance levels: 0.6759, 0.6779, 0.6807, 0.6829.
Support levels: 0.6738, 0.6717, 0.6700, 0.6669.


Trading tips
Long positions can be opened after the breakout of 0.6759 with the target at 0.6807 or 0.6829. Stop loss – 0.6730–0.6725.
Short positions can be opened after the breakdown of 0.6717 with the target at 0.6650. Stop loss – 0.6745.
Implementation period: 2–3 days.

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