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AUD/USD Technical Analysis - AUD/USD Trading: 2024-07-09
AUD/USD Technical Analysis Summary
Above 0.6747
Buy Stop
Below 0.6727
Stop Loss
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Indicator | Signal |
RSI | Neutral |
MACD | Buy |
Donchian Channel | Neutral |
MA(200) | Buy |
Fractals | Sell |
Parabolic SAR | Buy |
AUD/USD Chart Analysis
AUD/USD Technical Analysis
The technical analysis of the AUDUSD price chart on 1-hour timeframe shows AUDUSD,H1 is retreating toward the 200-period moving average MA(200) after hitting six-month high yesterday. We believe the bearish movement will reverse after the price breaches above the upper bound of the Donchian channel at 0.6747. A level above this can be used as an entry point for placing a pending order to buy. The stop loss can be placed below 0.6727. After placing the order, the stop loss is to be moved to the next fractal low indicator, following Parabolic signals. Thus, we are changing the expected profit/loss ratio to the breakeven point. If the price meets the stop loss level without reaching the order, we recommend cancelling the order: the market has undergone internal changes which were not taken into account.
Fundamental Analysis of Forex - AUD/USD
Australia’s business sentiment improved in June. Will the AUDUSD price retreating continue?
Australia’s business sentiment improved in June: the National Australia Bank (NAB) reported the NAB Business Confidence Index of business sentiment jumped to 4 in June from upwardly revised -2 in May. Readings above 0 indicate improving conditions, below indicate worsening conditions. The survey showed increase in seven out of eight industries including manufacturing and wholesale. Improving Australian business sentiment is bullish for Australian dollar and AUDUSD currency pair. At the same time Australia Consumer Sentiment weakened: Australia's Westpac-Melbourne Institute Consumer Sentiment index fell by 1.1% over month in July after a 1.7% rise in June. Worsening consumer sentiment is a downside risk for Australian dollar and AUDUSD currency pair.
Note:
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