AUD/USD is looking like a interesting play this week, with the pair hovering around 0.6515-0.6520. Here are some potential trade ideas:
Bullish Scenario:
– Buy AUD/USD if it breaks above 0.6550, targeting 0.6580 and 0.6620.
– Stop-loss below 0.6450.
Bearish Scenario:
– Sell AUD/USD if it breaks below 0.6450, targeting 0.6400 and 0.6350.
– Stop-loss above 0.6550.
Key levels to watch:
– Support: 0.6450, 0.6400, 0.6350
– Resistance: 0.6550, 0.6580, 0.6620
The Australian dollar’s movement will likely be influenced by:
– RBA Meeting Minutes (Tuesday)
– Australian Wages Data (Wednesday)
– US Economic Data (various releases)
Keep an eye on these events and adjust your trade plan accordingly
