AUD/USD: general review

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06/13/2018

Current trend

The pair AUD/USD dropped yesterday at the backdrop of the US Consumer price index growth. The index, which is a key indicator for assessing inflation and changes in consumer preferences, rose to 2.8% YoY in May, surpassing the forecast of 2.7%.

Today, the instrument is regaining its losses. The market is expecting the Fed's interest rate decision, as well as subsequent comments from the regulator on monetary policy and a press conference of the Federal Open Market Committee. The probability of raising the rate to 2.00% from 1.75% is estimated at 80%.

Support and resistance

On the D1 chart there is a correction of the downward movement, the pair is growing in the direction of the midline of Bollinger Bands. MACD histogram is in the negative zone keeping a signal for opening short positions.

Support levels: 0.7570, 0.7550, 0.7530, 0.7500.

Resistance levels: 0.7585, 0.7600, 0.7615, 0.7630, 0.7650, 0.7670.

Trading tips

Short positions may be opened from the level of 0.7550 with target at 0.7500 and stop-loss at 0.7580.

Long positions may be opened from the level of 0.7600 with target at 0.7650 and stop-loss at 0.7570.

Implementation period: 1-3 days.

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