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AUD USD Technical Analysis - AUD USD Trading: 2024-10-24
AUD/USD Technical Analysis Summary
Above 0.66499
Buy Stop
Below 0.66337
Stop Loss
| Indicator | Signal |
| RSI | Neutral |
| MACD | Buy |
| Donchian Channel | Buy |
| MA(200) | Sell |
| Fractals | Buy |
| Parabolic SAR | Buy |
AUD/USD Chart Analysis
AUD/USD Technical Analysis
The technical analysis of the AUDUSD price chart on 1-hour timeframe shows AUDUSD,H1 is retracing up toward the 200-period moving average MA(200) following the decline to nine-week low yesterday. We believe the bullish momentum will continue after the price breaches above the upper bound of the Donchian channel at 0.66499. 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 0.66337. After placing the order, the stop loss is to be moved to the next fractal low, following Parabolic indicator 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 of Forex - AUD/USD
Australia’s private sector activity rose to two-month high in October. Will the AUDUSD price rebounding persist?
Australia’s private sector activity rose to two-month high in October. SP Global reported Judo Bank Flash Australia Composite PMI Output Index inched higher to 49.8 in October, from 49.6 in September. Readings above 50.0 indicate industry activity expansion, below indicate contraction. The private sector business activity upturn was again driven by the acceleration in services activity growth despite manufacturing production contracting at a marginally faster pace. Total new orders rose for the third straight month, driven by strong services growth, while both sectors experienced a decline in export business. Employment levels rose as a result of the uptick in new business. Input prices rose at their slowest pace in four years. Improvement in Australian private business activity is bullish for Australian dollar and the AUDUSD currency pair.
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