Will the AUD/USD advance continue?

Dmitry Lukashov IFC Markets

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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Author

Dmitry Lukashov

IFC Markets

Dimtry Lukashov is the senior analyst of IFC Markets. He started his professional career in the financial market as a trader interested in stocks and obligations.

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