AUDUSD price forecast bearish despite positive building approvals report
Technical Analysis Summary AUD/USD: Sell
| Indicator | Value | Signal |
| RSI | Neutral | |
| MACD | Sell | |
| Donchian Channel | Sell | |
| MA(200) | Buy | |
| Fractals | Sell | |
| Parabolic SAR | Buy |
Chart Analysis
The technical analysis of the AUDUSD price chart on 1-hour timeframe shows AUDUSD: H1 is retracing down toward the 200-period moving average MA(200) which is rising still. We believe the bearish movement will continue after the price breaches below the lower bound of the Donchian channel at 0.7115. 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 0.7156. After placing the order, the stop loss is to be moved to the next fractal high 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 building approvals rose in December. Will the AUDUSD price rebound continue?
Australia’s building approvals rose in December: the Australian Bureau of Statistics reported building approvals rose 18.5% over month in December after 6.1% drop in November, when a 1.1% increase was expected. This is bullish for AUDUSD. However, the current setup is bearish for the pair.