AUD/USD: general review
Current trend
In the end of the previous week AUD consolidated in view of unexpectedly positive data from the Australian labor market. The pair AUD/USD broke through the psychologically important level of 0.7500 and the upper border of the 6-weeks upward channel (green line in H4). After that the statements by FOMC members strengthened USD, and the pair consolidated between 0.7570 and 0.7630.
Yesterday Australian dollar received support from the Reserve Bank of Australia that discused threats to financial stability in its meeting.
Secondary housing market statistics from the USA is due today at 16:00 (GMT+2), and a slight decrease of the outlook is expected. The data on the reserves of petrochemicals (with an expected drop in the volumes of crude oil and gasoline) are due at 16:30 (GMT+2).
The main forecast for the next two days is the weakening of the pair.
Support and resistance
Support levels: 0.7530, 0.7490, 0.7440.
Resistance levels: 0.7570, 0.7630, 0.7680.
Trading tips
Short positions may be opened at the market price with targets at 0.7530, 0.7490 and stop-loss at 0.7590.
Alternatively, long positions may be opened from the level of 0.7570 with targets at 0.7630, 0.7680 and stop-loss at 0.7510.
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