Recommendation for AUD/USD: Buy
Buy Stop: Above 0.7392
Stop Loss: Below 0.7352
The AUDUSD technical analysis of the price chart on 1-hour timeframe shows AUDUSD: H1 is trying to rebound above the 200-period moving average MA(200) which is rising still. We believe the bullish momentum will continue after the price breaches above the upper bound of the Donchian channel at 0.7392. 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 0.7352. 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 AnalysisAustralian economic growth was better than expected in the second quarter of 2021. Will the AUDUSD continue retreating?
Australian economic growth was better than expected in the second quarter of 2021. The Australian Bureau of Statistics report showed Australian GDP rose 0.7% over quarter in Q2 after 1.9% growth in Q1, when an 0.5% increase was expected. This is bullish for AUDUSD.