AUDUSD Forecast | Higher than expected Australia’s current account surplus bullish for AUDUSD | IFCM

Technical Analysis AUDUSD : 2020-06-02

Recommendation for AUD/USD:

Buy
Strong SellSellNeutralBuyStrong Buy

Above 0.6868

Buy Stop

Below 0.6774

Stop Loss

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

Chart Analysis

IFC Markets Tech Analysis

On 1-hour timeframe AUDUSD: H1 is rising above the 200-period moving average MA(200) which is rising itself. We believe the bullish movement will continue after the price breaches above the upper bound of the Donchian channel at 0.6868. 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 0.6774. 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 current account surplus rose more than expected in first quarter. Will the AUDUSD rebound continue?

Australia’s current account surplus rose more than expected in first quarter: the current account surplus jumped to A$8.4 billion in Q1 from A$1.7 billion for the last three months of the 2019, when an increase to 6.3 billion was expected. This is bullish for AUDUSD.

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