Trading opportunities for the currency pair: the course AUDUSD at working model of "double bottom" met with soprotivleniem.Po this pair is better to wait and wait for the formation of a reversal candlestick formation in the zone of 0,7722-0,7845 - bearish engulfing or pinbar. At these candles can sell the euro with the aim of 0.7384.
The latest idea for the Australian dollar came out March 7 . At the time of its publication the Australian quoted at 0.7435 to the American. After receiving the confirmation "double bottom" pattern of rate AUD / USD expected to rise to 0.7560 by 20 March, to 0.7670 - the 10th of April. The first objective was achieved on March 11 second - 18 March.
Against the background of recovery in oil prices and falling dollar exchange rate AUD / USD rose to 0.7722.Australia's currency strengthened against the dollar eleven weeks. The pair reached a significant level of resistance. Now let's talk about how events can develop in the near future.
On Friday, the Australian position shaken after strong data on the US labor market. The number of new jobs in the US in March amounted to 215 thousand. (Forecast was 205 thousand.). The figure for January was revised from 172 to 168 thousand., February, from 242 to 245 thousand. Unemployment increased by 0.1% to 5.0% (forecast was 4.9%, previous 4.9%). The index of average hourly earnings in the US for March was 0.3% (forecast was 0.2%, previous -0.1%).
In the course of the news AUD / USD was down 86 points to 0.7598, but played the full loss to the closure of the day. Price returned to the level of 0.7672. Aussie drew strength from the cross. During the day, the high demand for it remained positive after the release of Chinese data on business activity in the industrial sector.PMI index rose to 49.7 vs. 48.2.
There is also a weak point. Last week oil fell by 4.33% to $ 38.65. Prices fell after comments from the Prince of Saudi Arabia (SA), which stated that the CA will not go to reduce production without similar action on the part of Iran.
Tuesday will be a meeting of the Reserve Bank of Australia. It is expected that the interest rate will remain at 2%. From the tone of the accompanying statement will depend, will be able to pair AUD / USD reach 0.7845 or not. Any hints at rate cut will cause the fall of the Australian currency.
All week indicators are in the area of Australian sales. We follow the oil quotes and the meeting of the RBA. For this pair is better to wait and wait for a reversal candlestick formation - or bearish engulfing pinbar. At these candles can be sold for the purpose of 0.7384 AUD. Testing of double bottom is not completed. The goal of its 0.7845. So what is the pivot zone of 0,7722-0,7845.