Smaller than expected decline in Australia’s trade surplus bullish for AUDUSD
Technical Analysis Summary AUD/USD: Buy
| Indicator | Value | Signal |
| RSI | Neutral | |
| MACD | Buy | |
| Donchian Channel | Buy | |
| MA(200) | Buy | |
| Fractals | Buy | |
| Parabolic SAR | Buy |
Chart Analysis
On 1-hour timeframe AUDUSD: H1 is rising above the 200-period moving average MA(200) which is starting to rise itself. This is bullish. We believe the bullish momentum will continue after the price breaches above the upper bound of the Donchian channel at 0.6636. 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 0.6606. 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 Analysis of -
Australia’s trade surplus declined less than expected in January. Will the AUDUSD continue rebounding?
Australia’s trade surplus declined to 5.21 billion Australian dollars from 5.38 billion in December, when a decline to 4.8 billion was forecast. This is bullish for AUDUSD. The decline in trade surplus was due to falls both in imports and exports.