Scenario Timeframe Intraday Recommendation SELL STOP Entry Point 0.6400 Take Profit 0.6271 Stop Loss 0.6470 Key Levels 0.6200, 0.6271, 0.6345, 0.6400, 0.6450, 0.6500, 0.6550, 0.6594
Alternative scenario Recommendation BUY STOP Entry Point 0.6450 Take Profit 0.6550 Stop Loss 0.6400 Key Levels 0.6200, 0.6271, 0.6345, 0.6400, 0.6450, 0.6500, 0.6550, 0.6594
Current trend
The AUD/USD pair shows a slight decline, developing a corrective impetus formed the day before. The instrument is testing the level of 0.6400 for a breakdown, returning to the levels of the beginning of the week.
The appearance of "bearish" dynamics is facilitated by a moderate growth of the US currency across almost the entire spectrum of the market amid expectations of a speech by the Chair of the US Federal Reserve, Jerome Powell, on Friday as part of the annual Economic Policy Symposium in Jackson Hole. Investors hope to get new guidance on a possible increase in interest rates before the end of this year. Earlier, representatives of the regulator, including Powell himself, spoke in favor of continuing to tighten monetary policy. At the same time, in September, the markets still expect that with a probability of more than 86.0%, the cost of borrowings will be kept unchanged.
Another factor supporting the US dollar was the statistics on the labor market. The number of Initial Jobless Claims for the week ended August 18 decreased from 240.0 thousand to 230.0 thousand, while analysts did not expect any changes, and the number of Continuing Jobless Claims for the week ended August 11 decreased from 1.711 million to 1.702 million, which turned out to be better than forecasts for a decline to 1.708 million.
Meanwhile, Australian investors are evaluating the data published earlier: the Manufacturing PMI in August fell from 49.6 points to 49.4 points with neutral forecasts, and the Services PMI went down from 48.9 points to 46.7 points. In addition, traders are watching the news from China, whose national economy continues to slow down at a record pace.
Australian financial authorities believe that private stablecoins can become an alternative solution to the state-owned digital currency (CBDC). A report from the Reserve Bank of Australia (RBA) disclosed the results of a 12-month token use case research project that involved limited issuance to test sixteen different use cases by select industry participants. As noted, the digital instrument will provide complex payments that the current system in the country does not support for the time being. This includes multi-stage and multi-party transactions that are executed simultaneously and automatically. However, officials say that the solutions currently in use meet most of the needs of users, and therefore the emergence of the Australian digital dollar may take place only in a few years.
Support and resistance
Bollinger Bands on the daily chart demonstrate a moderate decrease. The price range is narrowing from above, reflecting the emergence of multidirectional trading dynamics in the short term. MACD reversed downwards and is currently preparing to form a new sell signal (the histogram tends to be below the signal line). Stochastic is showing similar dynamics while reversing downwards in the middle of its area.
Resistance levels: 0.6450, 0.6500, 0.6550, 0.6594.
Support levels: 0.6400, 0.6345, 0.6271, 0.6200.
Trading tips
Short positions may be opened after a breakdown of 0.6400 with the target at 0.6271. Stop-loss — 0.6470. Implementation time: 1-2 days.
A rebound from 0.6400 as from support followed by a breakout of 0.6450 may become a signal for opening new long positions with the target at 0.6550. Stop-loss — 0.6400.
| Scenario | |
|---|---|
| Timeframe | Intraday |
| Recommendation | SELL STOP |
| Entry Point | 0.6400 |
| Take Profit | 0.6271 |
| Stop Loss | 0.6470 |
| Key Levels | 0.6200, 0.6271, 0.6345, 0.6400, 0.6450, 0.6500, 0.6550, 0.6594 |
| Alternative scenario | |
|---|---|
| Recommendation | BUY STOP |
| Entry Point | 0.6450 |
| Take Profit | 0.6550 |
| Stop Loss | 0.6400 |
| Key Levels | 0.6200, 0.6271, 0.6345, 0.6400, 0.6450, 0.6500, 0.6550, 0.6594 |
Current trend
The AUD/USD pair shows a slight decline, developing a corrective impetus formed the day before. The instrument is testing the level of 0.6400 for a breakdown, returning to the levels of the beginning of the week.
The appearance of "bearish" dynamics is facilitated by a moderate growth of the US currency across almost the entire spectrum of the market amid expectations of a speech by the Chair of the US Federal Reserve, Jerome Powell, on Friday as part of the annual Economic Policy Symposium in Jackson Hole. Investors hope to get new guidance on a possible increase in interest rates before the end of this year. Earlier, representatives of the regulator, including Powell himself, spoke in favor of continuing to tighten monetary policy. At the same time, in September, the markets still expect that with a probability of more than 86.0%, the cost of borrowings will be kept unchanged.
Another factor supporting the US dollar was the statistics on the labor market. The number of Initial Jobless Claims for the week ended August 18 decreased from 240.0 thousand to 230.0 thousand, while analysts did not expect any changes, and the number of Continuing Jobless Claims for the week ended August 11 decreased from 1.711 million to 1.702 million, which turned out to be better than forecasts for a decline to 1.708 million.
Meanwhile, Australian investors are evaluating the data published earlier: the Manufacturing PMI in August fell from 49.6 points to 49.4 points with neutral forecasts, and the Services PMI went down from 48.9 points to 46.7 points. In addition, traders are watching the news from China, whose national economy continues to slow down at a record pace.
Australian financial authorities believe that private stablecoins can become an alternative solution to the state-owned digital currency (CBDC). A report from the Reserve Bank of Australia (RBA) disclosed the results of a 12-month token use case research project that involved limited issuance to test sixteen different use cases by select industry participants. As noted, the digital instrument will provide complex payments that the current system in the country does not support for the time being. This includes multi-stage and multi-party transactions that are executed simultaneously and automatically. However, officials say that the solutions currently in use meet most of the needs of users, and therefore the emergence of the Australian digital dollar may take place only in a few years.
Support and resistance
Bollinger Bands on the daily chart demonstrate a moderate decrease. The price range is narrowing from above, reflecting the emergence of multidirectional trading dynamics in the short term. MACD reversed downwards and is currently preparing to form a new sell signal (the histogram tends to be below the signal line). Stochastic is showing similar dynamics while reversing downwards in the middle of its area.
Resistance levels: 0.6450, 0.6500, 0.6550, 0.6594.
Support levels: 0.6400, 0.6345, 0.6271, 0.6200.
Trading tips
Short positions may be opened after a breakdown of 0.6400 with the target at 0.6271. Stop-loss — 0.6470. Implementation time: 1-2 days.
A rebound from 0.6400 as from support followed by a breakout of 0.6450 may become a signal for opening new long positions with the target at 0.6550. Stop-loss — 0.6400.
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