The AUD/USD pair is trading with bearish bias around 0.7284 level; that’s where we have entered sell trade in the Aussie. The U.S. dollar seems to gain strength amid supported fundamentals. From the U.S. side, at 02:00 GMT, the TC Long Term Purchases for October rose to 108.9B against the estimated 41.5B and supported the U.S. dollar. At 18:30 GMT, the Building Permits for October came in line with the estimation of 1.55M. The Housing Starts also rose to 1.53M from the forecasted1.45M and supported the U.S. dollar that ultimately capped further gains in AUD/USD pair on Wednesday.
The rising number of coronavirus cases and extended restrictions in California in the U.S. with New York closing its schools from Thursday weighed on the U.S. dollar. As well as, the death rate from the virus in the U.S. reached above 250,000 numbers and became the highest death rate that depressed the U.S. dollar and supported.
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Daily technical Levels
Support Resistance
0.7273 0.7334
0.7242 0.7364
0.7212 0.7395
Pivot point: 0.7303
The AUD/USD was consolidating near the 0.7291 mark, staying below an immediate resistance area of 0.7330. The AUD/USD is expected to remain supported above 0.7270, but until this level gets achieve, we may have an opportunity to short the Aussie. Checkout a trade signal below…
Entry Price – Buy 0.8973
Stop Loss – 0.9013
Take Profit – 0.8933
Risk to Reward – 1:1
Profit & Loss Per Standard Lot = -$400/ +$400
Profit & Loss Per Micro Lot = -$40/ +$40
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