AUDUSD price bias bullish after Australian consumer sentiment report
Technical Analysis Summary AUD/USD: Buy
| Indicator | Value | Signal |
| RSI | Neutral | |
| MACD | Buy | |
| Donchian Channel | Buy | |
| MA(200) | Sell | |
| Fractals | Buy | |
| Parabolic SAR | Buy |
Chart Analysis
The technical analysis of the AUDUSD price chart on 1-hour timeframe shows AUDUSD: H1 is retracing up toward the 200-period moving average MA(200) after breaching above a resistance line. We believe the bullish movement will continue after the price breaches above the upper bound of the Donchian channel at 0.6981. 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 0.6928. 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 -
Australia’s consumer sentiment declined in May. Will the AUDUSD price decline?
Australia’s consumer sentiment declined in May: the Westpac Banking Corporation reported the Westpac Consumer Sentiment Index declined 5.6% in May after 0.9% decline in April. This is bearish for AUDUSD. However, technical setup is bullish for AUDUSD.