Recommendation for AUD/USD: Buy
Buy Stop : Above 0.6997
Stop Loss : Below 0.6832
| Indicator | Value | Signal |
| RSI | Neutral | |
| MACD | Buy | |
| Donchian Channel | Buy | |
| MA(200) | Buy | |
| Fractals | Neutral | |
| Parabolic SAR | Buy |
Chart Analysis
On daily timeframe AUDUSD: D1 is rising above the 200-day moving average MA(200) which has leveled off.
We believe the bullish movement will continue after the price breaches above the upper bound of the Donchian channel at 0.6997.
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 0.6832.
After placing the order, the stop loss is to be moved to the next fractal low, 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
Australia’s retail sales increase continued in May. Will the AUDUSD advance continue?
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This overview has an informative character and is not financial advice or a recommendation. IFCMarkets. Corp. under any circumstances is not liable for any action taken by someone else after reading this article.
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