Technical Analysis AUDUSD : 2020-03-24

Recommendation:

Strong Buy
Strong SellSellNeutralBuyStrong Buy

Above 0.5975

Buy Stop

Below 0.5866

Stop Loss

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Senior Analytical Expert
Articles 1463
IndicatorValueSignal
RSI Neutral
MACD Buy
Donchian Channel Buy
MA(200) Sell
Fractals Buy
Parabolic SAR Buy

Chart Analysis

IFC Markets Tech Analysis

On 1-hour timeframe AUDUSD: H1 is retracing higher toward the 200-period moving average MA(200) which is falling itself. We believe the bullish movement will continue after the price breaches above the upper bound of the Donchian channel at 0.5975. 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 0.5866. After placing the order, the stop loss is to be moved to the next fractal low, 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

Australia’s business activity declined in March. Will the AUDUSD continue climbing?

Australia’s private sector contracted in March: the service sector contraction accelerated while manufacturing sector expansion slowed, as evidenced by Commonwealth Bank’s Composite PMI report. Despite deteriorating Australian business activity data AUDUSD setup is bullish.

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