Trading Analysis of AUD/USD

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Following the conclusion of the RBA’s monetary policy meeting, RBA Governor P. Lowe presented a monetary policy statement that confirmed that the central bank has no plans to raise the rate until actual inflation settles on a sustainable 2-3% target range, and the regulator does not think it can happen before 2024:The central GDP scenario has been revised upward to 4.75% for 2021 and 3.5% for 2022;The unemployment rate will continue to decline to about 5% by the end of the year and 4.5% by the end of 20222;The RBA will consider the fate of the 3-year bond yield target at its July meeting – possibly selecting assets with maturities other than April 2024.

The Analysis:
Provided that the currency pair is traded above 0.7710, follow the recommendations below:

  • Time frame: 30 min
  • Recommendation: long position
  • Entry point: 0.7735
  • Take Profit 1: 0.7750
  • Take Profit 2: 0.7770

Alternative scenario:
In case of breakdown of the level 0.7710, follow the recommendations below:

  • Time frame: 30 min
  • Recommendation: short position
  • Entry point: 0.7710
  • Take Profit 1: 0.7695
  • Take Profit 2: 0.7675

AUD/USD Intraday: the upside prevails.

Pivot:
0.7710

Our preference:
Long positions above 0.7710 with targets at 0.7750 & 0.7770 in extension.

Alternative scenario:
Below 0.7710 look for further downside with 0.7695 & 0.7675 as targets.

Comment:
The RSI shows upside momentum.


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