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Technical Analysis AUDUSD : 2021-05-03

Recommendation for AUD/USD:

Buy
Strong SellSellNeutralBuyStrong Buy

Above 0.7743

Buy Stop

Below 0.7705

Stop Loss

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Senior Analytical Expert
Articles 1778
IndicatorValueSignal
RSI Neutral
MACD Buy
Donchian Channel Neutral
MA(200) Sell
Fractals Buy
Parabolic SAR Buy

Chart Analysis

IFC Markets Tech Analysis

The AUDUSD technical analysis of the price chart on 1-hour timeframe shows AUDUSD: H1 has risen to test the 200-period moving average MA(200) which has leveled off. We believe the bullish momentum will continue after the price breaches above the upper bound of the Donchian channel at 0.7743. 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 0.7705. 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

The Index of Commodity Prices continued to rise in April. Will the AUDUSD continue rebounding?

The Index of Commodity Prices continued to rise in April. Commodities account for over half of Australia's export earnings. The Reserve Bank of Australia reported the Index of Commodity Prices rose 34.7% over year in April after 27.2% increase in previous month. This is bullish for AUDUSD.

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Note:
This overview has an informative and tutorial character and is published for free. All the data, included in the overview, are received from public sources, recognized as more or less reliable. Moreover, there is no guarantee that the indicated information is full and precise. Overviews are not updated. The whole information in each overview, including opinion, indicators, charts and anything else, is provided only for familiarization purposes and is not financial advice or а recommendation. The whole text and its any part, as well as the charts cannot be considered as an offer to make a deal with any asset. IFC Markets and its employees under any circumstances are not liable for any action taken by someone else during or after reading the overview.