Recommendation for AUD/USD:Buy
Buy Stop : Above 0.7890
Stop Loss : Below 0.7840
RSI : Sell
MACD : Buy
Donchian Channel : Buy
MA(200) : Buy
Fractals : Buy
Parabolic SAR : Buy
Chart Analysis
The AUDUSD technical analysis of the price chart on 1-hour timeframe shows AUDUSD: H1 hit 3-month an hour ago above the 200-period moving average MA(200) which is rising. We believe the bullish momentum will continue after the price breaches above the upper bound of the Donchian channel at 0.7890. 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 0.7840. 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
Australian business sentiment improved in April. Will the AUDUSD continue rebounding? Australian business sentiment improved in April. The National Australia Bank reported its Business Confidence index rose to 26 from 17 in March. This is bullish for AUDUSD.