AUDUSD bias bullish despite softer Australian trade balance data
Technical Analysis Summary AUD/USD: Buy
| Indicator | Value | Signal |
| RSI | Neutral | |
| MACD | Buy | |
| Donchian Channel | Neutral | |
| MA(200) | Buy | |
| Fractals | Sell | |
| Parabolic SAR | Buy |
Chart Analysis
The AUDUSD technical analysis of the price chart on 4-hour timeframe shows AUDUSD, H4 has returned above the 200-period moving average MA(200) which is level itself. We believe the bullish momentum will continue after the price breaches above the upper bound of the Donchian channel at 0.6542. 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 0.6464. 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 trade surplus declined unexpectedly in March. Will the AUDUSD price rebounding continue?
Australia’s trade surplus declined in December: the Australian Bureau of Statistics reported the trade surplus declined to A$5.02 billion in March from $6.59 billion surplus in February, when an increase to $7.19 billion was forecast. It was the smallest trade surplus since November 2020, as exports grew much slower than imports. Exports edged up 0.1% from a month earlier to A$44.91 billion, mainly boosted by other mineral fuels. Exports to the country's largest trading partner, China, surged by 11%, rebounding sharply from a 10.4% plunge in February. Imports increased by 4.2% to a record high of A$39.89 billion due to rises in consumption, capital and intermediate goods. Worse than expected Australian goods trade surplus is bearish for AUDUSD. However, the current setup is bullish for the pair.