AUDUSD forecast bullish despite weak Australian retail report
Technical Analysis Summary AUD/USD: Buy
| Indicator | Value | Signal |
| RSI | Buy | |
| MACD | Buy | |
| Donchian Channel | Neutral | |
| MA(200) | Sell | |
| Fractals | Neutral | |
| Parabolic SAR | Buy |
Chart Analysis
The AUDUSD technical analysis of the price chart on 1-hour timeframe shows AUDUSD: H1 is trying to rebound below the 200-period moving average MA(200) which is falling still. We believe the bullish momentum will continue after the price breaches above the upper bound of the Donchian channel at 0.7521. 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 0.7477. 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 of -
Australian retail turnover rose less than expected in May 2021. Will the AUDUSD continue retreating?
Australian retail turnover rose less than expected in May 2021. The Australian Bureau of Statistics report showed Australian retail turnover rose 0.1% over month in May after 1.1% growth in April, when an 0.4% increase was expected. This is bearish for AUDUSD. However technical setup is bullish for AUDUSD.