AUDUSD forecast bearish despite positive Australian Performance of Services Index report
Technical Analysis Summary AUD/USD: Sell
| Indicator | Value | Signal |
| RSI | Neutral | |
| MACD | Sell | |
| Donchian Channel | Sell | |
| MA(200) | Sell | |
| Fractals | Neutral | |
| Parabolic SAR | Sell |
Chart Analysis
The technical analysis of the AUDUSD price chart on 1-hour timeframe shows AUDUSD,H1 is retracing down under the 200-period moving average MA(200) after breaching below it. We believe the bearish momentum will continue after the price breaches below the lower bound of the Donchian channel at 0.6942. A level below this can be used as an entry point for placing a pending order to sell. The stop loss can be placed above 0.6974. After placing the order, the stop loss is to be moved to the next fractal high, following Parabolic indicator 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 services sector activity resumed expanding in July. Will the AUDUSD price retreat continue?
Australia’s services sector activity resumed expanding in July. The Australian Industry Group reported its Australian Performance of Services Index (Australian PSI) rose by 2.9 points to 51.7 in July. Readings above 50.0 indicate industry expansion, below indicate contraction. Expanding business activity is bullish for AUDUSD. However the current setup is bearish for the pair.