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AUD/USD Technical Analysis - AUD/USD Trading: 2024-11-07
AUD/USD Technical Analysis Summary
Above 0.66456
Buy Stop
Below 0.65117
Stop Loss
| Indicator | Signal |
| RSI | Neutral |
| MACD | Buy |
| Donchian Channel | Neutral |
| MA(200) | Sell |
| Fractals | Neutral |
| Parabolic SAR | Buy |
AUD/USD Chart Analysis
AUD/USD Technical Analysis
The AUDUSD technical analysis of the price chart on 4-hour timeframe shows AUDUSD, H4 is retracing up toward the 200-period moving average MA(200) following a decline to three-month low yesterday. We believe the bullish momentum will continue after the price breaches above the upper bound of the Donchian channel at 0.66456. 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 0.65117. 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 trade surplus fell more than forecast in September. Will the AUDUSD price retreating resume?
Australia’s trade surplus fell more than forecast in September: the Australian Bureau of Statistics reported the seasonally adjusted goods trade balance fell to A$4.61 billion from A$5.28 billion surplus in August, when an decrease to A$5.24 billion was forecast. Exports fell 4.3% from a month earlier driven by Other mineral fuels. Imports also decreased - by 3.1% driven mainly by declines in Fuels and lubricants. Worse than expected Australian goods trade surplus is bearish for AUDUSD. However, the current setup is bullish for the pair. At the same time, the Federal Reserve is widely expected to cut interest rates by 25 basis points. Fed rate cuts are bearish for US dollar and bullish for AUDUSD currency pair.
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