By IFCMarkets
AUDUSD rising despite contracting business activities in Australia
Private sector activity in Australia continued to contract in April: the Commonwealth Bank flash Composite PMI dropped to 22.4 in April, after declining to 39.4 in March. Readings above 50.0 signal an improvement in business activity, while readings below 50.0 indicate contraction. This is bearish for AUDUSD but the technical setup is bullish for the pair.
| Indicator | VALUE | Signal |
|---|---|---|
| RSI | Neutral | |
| MACD | Buy | |
| Donchian Channel | Buy | |
| MA(200) | Buy | |
| Fractals | Neutral | |
| Parabolic SAR | Buy |
| Order | Buy |
| Buy stop | Above 0.6506 |
| Stop loss | Below 0.6433 |
Market Analysis provided by IFCMarkets