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In response to the publication of fresh data on the dynamics of consumer inflation in Australia today, the AUD has strengthened, and the pair AUD/USD has grown, briefly breaking through the local resistance level 0.7170.
However, the pair is in a stable downtrend, below the key resistance level 0.7330 (EMA200 on the daily and weekly charts).
A breakdown of the local support level 0.7130 will be the first signal for resuming sales, and a breakdown of the local support level 0.7085 - a confirmation.
The nearest decline targets are support levels 0.7037 (Fibonacci 38.2% of the correction to the pair's decline from 0.9500 in July 2014 to 2020 lows near 0.5510), 0.7000.
In an alternative scenario, an upward correction will resume with targets at the resistance levels 0.7193 (EMA200 on the 1-hour and 4-hour charts), 0.7215 (EMA50 on the daily chart). The potential for corrective growth remains until the key resistance levels 0.7280 (EMA144 on the weekly chart and the upper limit of the downward channel on the daily chart), 0.7305 (EMA144 on the daily chart), 0.7330 (EMA200 on the daily and weekly charts). At the same time, AUD/USD remains in the global bearish trend zone, trading below the key resistance level 0.7330.
Therefore, it is worth giving preference to short positions.
Support levels: 0.7130, 0.7085, 0.7037, 0.7000, 0.6900, 0.6800
Resistance levels: 0.7170, 0.7193, 0.7215, 0.7280, 0.7305, 0.7330
Trading Recommendations
Sell Stop 0.7125. Stop Loss 0.7175. Take-Profit 0.7085, 0.7037, 0.7000, 0.6900, 0.6800
Buy Stop 0.7175. Stop Loss 0.7125. Take-Profit 0.7193, 0.7215, 0.7280, 0.7305, 0.7330
