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GBP/USD: general analysis 26 February 2020, 13:50

GBP/USD: general analysis 26 February 2020, 13:50 Scenario Timeframe Intraday Recommendation BUY Entry Point 1.2940 ...

Feb 12, 2020

AUD/USD: Australian dollar is strengthening 12 February 2020, 08:59


Scenario
Timeframe Intraday
Recommendation BUY STOP
Entry Point 0.6750
Take Profit 0.6800, 0.6820
Stop Loss 0.6715, 0.6700
Key Levels 0.6661, 0.6677, 0.6700, 0.6723, 0.6746, 0.6776, 0.6800, 0.6826
Alternative scenario
Recommendation SELL STOP
Entry Point 0.6720
Take Profit 0.6677, 0.6661
Stop Loss 0.6750, 0.6760
Key Levels 0.6661, 0.6677, 0.6700, 0.6723, 0.6746, 0.6776, 0.6800, 0.6826
Current trend
AUD is again trading with steady growth against USD, updating local highs from February 6. The instrument adds about 0.22%, testing the level of 0.6730 for a breakout. AUD is supported by a slight improvement in market sentiment, contributing to an increase in demand for risky assets.
Australian macroeconomic statistics yesterday turned out to be heterogeneous, but on the whole it contributed to the further development of the uptrend in the instrument. Home Loans in Australia rose by 3.5% in December after a decline of 0.8% in the previous month. Investors expected an increase of 0.7%. Investment Lending for Homes for the same period increased by 2.8% after an increase of 2.5% in November. Westpac Consumer Confidence reflected a 2.3% increase in February after a 1.8% decline in January. Experts predicted an increase in the index by 1.4%.
Support and resistance
Bollinger Bands in D1 chart demonstrate active decrease. The price range is narrowing, reflecting the emergence of the uptrend in the short/ultra-short term. MACD has reversed to growth forming a new buy signal (located above the signal line). Stochastic is also reversing upwards after a short decline last week, signaling in favor of the development of “bullish” trend in the instrument.
The development of a full-fledged uptrend is possible in the short and/or ultra-short term.
Resistance levels: 0.6746, 0.6776, 0.6800, 0.6826.
Support levels: 0.6723, 0.6700, 0.6677, 0.6661.


Trading tips
To open long positions, one can rely on the breakout of 0.6746. Take profit – 0.6800 or 0.6820. Stop loss – 0.6715 or 0.6700.
The rebound from the level of 0.6746 as from resistance with the subsequent breakdown of 0.6723 can become a signal to new sales with target at 0.6677 or 0.6661. Stop loss – 0.6750 or 0.6760.
Implementation time: 2-3 days.

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