AUDUSD forecast bullish despite falling Australian building approvals
Technical Analysis Summary AUD/USD: Buy
| Indicator | Value | Signal |
| RSI | Neutral | |
| MACD | Buy | |
| Donchian Channel | Buy | |
| MA(200) | Sell | |
| Fractals | Neutral | |
| Parabolic SAR | Buy |
Chart Analysis
The AUDUSD technical analysis of the price chart on 1-hour timeframe shows AUDUSD: H1 is retracing higher toward the 200-period moving average MA(200) which is level. We believe the bullish movement will continue after the price breaches above the upper bound of the Donchian channel at 0.7805. 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 0.7735. After placing the order, the stop loss is to be moved to the next fractal low 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 of -
Australia’s building approvals fell more than expected in January. Will the AUDUSD decline?
Australia’s building approvals fell more than expected in January: Australian Bureau of Statistics reported Building Approvals fell 19.4% over month in January after 12% increase in December, when a 2.1% decline was forecast. This is bearish for AUDUSD. However, technical setup is bullish for AUDUSD.