Recommendation for AUD/USD:Buy
Buy Stop : Above 0.7760
Stop Loss : Below 0.7705
RSI : Neutral
MACD : Neutral
Donchian Channel : Neutral
MA(200) : Buy
Fractals : Neutral
Parabolic SAR : Buy
Chart Analysis
The AUDUSD technical analysis of the price chart on 1-hour timeframe shows AUDUSD: H1 is rising above the 200-period moving average MA(200) which is rising itself. We believe the bullish momentum will continue after the price breaches above the upper bound of the Donchian channel at 0.7760. 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 0.7705. 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 employment rose more than expected in March. Will the AUDUSD continue rebounding? Australia’s employment rose more than expected in March: Australian Bureau of Statistics reported 70,700 jobs were created in March after 88.7 thousand in the previous month, when addition of 35.2 thousand new jobs was forecast. This is bullish for AUDUSD.