AUDUSD Analysis: AUDUSD rising despite deteriorated Australian data

March 24, 2020

By IFCMarkets

AUDUSD rising despite deteriorated Australian data

Australia’s private sector contracted in March: the service sector contraction accelerated while manufacturing sector expansion slowed, as evidenced by Commonwealth Bank’s Composite PMI report. Despite deteriorating Australian business activity data AUDUSD setup is bullish.

IndicatorVALUESignal
RSINeutral
MACDBuy
Donchian ChannelBuy
MA(200)Sell
FractalsBuy
Parabolic SARBuy

 

Summary of technical analysis

OrderBuy
Buy stopAbove 0.5975
Stop lossBelow 0.5866

Market Analysis provided by IFCMarkets