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AUD/USD Technical Analysis - AUD/USD Trading: 2024-06-21
AUD/USD Technical Analysis Summary
Above 0.6669
Buy Stop
Below 0.6650
Stop Loss
| Indicator | Signal |
| RSI | Neutral |
| MACD | Buy |
| Donchian Channel | Buy |
| MA(200) | Buy |
| Fractals | Buy |
| Parabolic SAR | Buy |
AUD/USD Chart Analysis
AUD/USD Technical Analysis
The technical analysis of the AUDUSD price chart on 1-hour timeframe shows AUDUSD,H1 is retracing up above the 200-period moving average MA(200) after hitting three-day low yesterday. We believe the bullish momentum will continue after the price breaches above the upper bound of the Donchian channel at 0.6669. 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 0.6650. After placing the order, the stop loss is to be moved to the next fractal low, 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 Forex - AUD/USD
Australia’s private sector activity expansion slowed in June. Will the AUDUSD price recovery continue?
Australia’s private sector activity expansion slowed in June. SP Global reported Judo Bank Flash Australia Composite PMI Output Index declined to 50.6 in June from 52.1 in May. Readings above 50.0 indicate industry activity expansion, below indicate contraction. Private sector activity continued to expand for the fifth straight month. The private sector business activity was again driven primarily by the service sector. Falling new business was accompanied by easing selling price inflation amid softer cost pressures and a drop in confidence levels. Slowing of Australian private business activity growth is bearish for Australian dollar and the AUDUSD currency pair. However, the current setup is bullish for the pair.
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