Prospects for AUD look negative against the US dollar.
The unfavorable external background (the intensification of international trade conflicts), as well as the different orientation of the monetary policies of the Fed and the RBA (economists believe that the RBA will not raise rates by the end of 2020), create fundamental prerequisites for further decline of the AUD / USD.
It is necessary to consider the possibility of entering into the short positions on AUD / USD.
This is best done by rolling back to the nearest resistance levels of 0.7290 (EMA200 on the 15-minute chart), 0.7320 (EMA200 on the 30-minute chart), 0.7350 (EMA200 on the 1-hour chart).
The immediate goal of the decline is the support level of 0.7155 (the lows of 2017 and May 2016).
The alternative scenario involves a breakdown of the resistance level of 0.7395 (EMA200 on the 4-hour chart) and the continuation of the growth to resistance levels of 0.7500 (minima of December), 0.7580 (EMA200 on the daily chart).
The downward global trend that began in July 2014 predominates. Short positions are preferred.
*)An advanced fundamental analysis is available on the Tifia Forex Broker website at tifia.com/analytics
Support levels: 0.7200, 0.7155, 0.7100
Resistance levels: 0.7290, 0.7320, 0.7355, 0.7395, 0.7500, 0.7580
Trading Scenarios
Sell in the market. Sell Limit 0.7290, 0.7320, 0.7350. Stop-Loss 0.7370. Take-Profit 0.7200, 0.7155, 0.7100
Buy Stop 0.7410. Stop-Loss 0.7370. Take-Profit 0.7500, 0.7580
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