On the 4-hour timeframe AU200: H4 has fallen back below 50-peiord moving average MA(200) which is falling. We believe the bearish momentum will continue after the price breaches below the lower Donchian boundary at 4787.18. This level can be used as an entry point for placing a pending order to sell. The stop loss can be placed above 5321.32. After placing the pending order the stop loss is to be moved every day to the next fractal high, following Parabolic signals. Thus, we are changing the expected profit/loss ratio to the breakeven point. If the price meets the stop-loss level (5321.32) without reaching the order (4787.18) we recommend cancelling the order: the market sustains internal changes which were not taken into account.
Australia’s consumer confidence and PMI deteriorated more than forecast in recent weeks. Will the AU200 rebound reverse?
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