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AUD/USD Technical Analysis - AUD/USD Trading: 2024-08-22
AUD/USD Technical Analysis Summary
Below 0.67267
Sell Stop
Above 0.65596
Stop Loss
| Indicator | Signal |
| RSI | Sell |
| MACD | Sell |
| Donchian Channel | Neutral |
| MA(200) | Buy |
| Fractals | Neutral |
| Parabolic SAR | Sell |
AUD/USD Chart Analysis
AUD/USD Technical Analysis
The technical analysis of the AUDUSD price chart on 4-hour timeframe shows AUDUSD,H4 has retuned above the 200-period moving average MA(200) after retracing up following decline to nine-month low two weeks ago. RSI indicator is at oversold threshold. We believe a bearish momentum will develop after the price breaches below the lower bound of the Donchian channel at 0.67267. 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 0.65596. 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 Forex - AUD/USD
Australia’s private sector activity returned to growth in August. Will the AUDUSD price rebounding persist?
Australia’s private sector activity returned to growth in August. SP Global reported Judo Bank Flash Australia Composite PMI Output Index rose to 51.4 in August from 49.9 in July. Readings above 50.0 indicate industry activity expansion, below indicate contraction. The private sector business activity upturn was again driven by the acceleration in services activity growth despite manufacturing production contracting at a faster pace. Total new orders rose for the first time since May. Employment levels rose as a result of the uptick in new work and activity. Higher raw material, transportation and labor costs meanwhile led input prices to rise at the fastest pace in 17 months. Rebounding of Australian private business activity growth is bullish for Australian dollar and the AUDUSD currency pair. However, the current setup is bearish for the pair.
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