Technical Analysis AUDUSD : 2021-03-03

[IFC Markets]

Recommendation for AUD/USD:Sell​

Sell Stop : Below 0.7803

Stop Loss : Above 0.7837





RSI : Neutral

MACD : Sell

Donchian Channel : Sell

MA(200) : Sell

Fractals : Neutral

Parabolic SAR : Sell

Chart Analysis​

The AUDUSD technical analysis of the price chart on 1-hour timeframe shows AUDUSD: H1 is retracing lower under the 200-period moving average MA(200) which is level. We believe the bullish movement will continue after the price breaches below the lower bound of the Donchian channel at 0.7803. A level below this can be used as an entry point for placing a pending order to sell. The stop loss can be placed above 0.7837. After placing the order, the stop loss is to be moved to the next fractal high indicator, 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 economic growth was better in the fourth quarter than expected. Will the AUDUSD rebound continue? Australia’s economic growth was better in the fourth quarter than expected: Australian Bureau of Statistics reported GDP rose 3.1% over quarter in Q4 after 3.4% increase in Q3, when a 2.5% growth was forecast. This is bullish for AUDUSD. However, technical setup is bearish for AUDUSD.