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AUD/USD Technical Analysis - AUD/USD Trading: 2023-10-03
AUD/USD Technical Analysis Summary
Below 0.6305
Sell Stop
Above 0.6501
Stop Loss
| Indicator | Signal |
| RSI | Neutral |
| MACD | Sell |
| Donchian Channel | Sell |
| MA(200) | Sell |
| Fractals | Sell |
| Parabolic SAR | Sell |
AUD/USD Chart Analysis
AUD/USD Technical Analysis
The technical analysis of the AUDUSD price chart on daily timeframe shows AUDUSD,Daily continues retreating after falling below the 200-day moving average MA(200) which is falling still. We believe the bearish momentum will continue after the price breaches below the lower bound of the Donchian channel at 0.6305. 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 0.6501. 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 Forex - AUD/USD
Australia’s building approvals jumped in August. Will the AUDUSD price retreating continue?
Australia’s building approvals jumped in August: the Australian Bureau of Statistics reported building approvals rose 7% over month in August after 7.4% drop in July, when a 2.7% increase was expected. This is bullish for AUDUSD. However, Fed Governor Michelle Bowman said Monday she remains " willing to support raising the federal funds rate at a future meeting if the incoming data indicates that progress on inflation has stalled or is too slow to bring inflation to 2% in a timely way." Expectations of another Federal Reserve rate hike is bullish for the dollar and bearish for the AUDUSD pair. The current setup is bearish for the pair.
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