The US dollar is declining on Tuesday. Nevertheless, so far this reduction should be regarded as correctional. The different focus of monetary policy of central banks in the US and Australia will be the main most important long-term factor in favor of weakening the AUD / USD pair. The negative dynamics is prevailing. Short positions are preferred. The immediate goal of the decline is the support level of 0.7330 (lows of the year).
In the event of a breakdown of the support level of 0.7330, the targets will be the support levels of 0.7200, 0.7150 (the bottom line of the descending channel on the daily chart).
Only if the AUD / USD returns above the key resistance level of 0.7620 (EMA200 on the daily chart) can long-term long positions be considered with targets at the resistance level of 0.7820 (Fibonacci level 23.6% of the correction to the fall wave of the pair since August 2011 and the level of 1.1030 The minimum of this wave is near the level of 0.6830), 0.7860 (EMA200 on the weekly chart).
The signal for purchases may be a breakdown of the short-term resistance level 0.7430 (EMA200 on the 4-hour chart).
*)An advanced fundamental analysis is available on the Tifia Forex Broker website at tifia.com/analytics
Support levels: 0.7395, 0.7330, 0.7270, 0.7155, 0.7025
Resistance levels: 0.7430, 0.7500, 0.7620, 0.7700, 0.7820, 0.7860
Trading Scenarios
Sell in the market. Stop-Loss 0.7440. Take-Profit 0.7330, 0.7300, 0.7270, 0.7155, 0.7025
Buy Stop 0.7440. Stop-Loss 0.7385. Take-Profit 0.7500, 0.7620
*) For up-to-date and detailed analytics and news on the forex market visit Tifia Forex Broker website tifia.com
