章节 42  Is AUDUSD back down?

07/06/2023

Summary

Australian Negative news on GDP leads the market

Fundamental analysis

Fundamentally in this pair, We see the data released today in Australia's GDP YoY Came with negative market expectations than market expectations will give weakness to the Australian dollar against the USD which we see today's news release on trade balance it comes with better than the market expected.



Australia GDP YoY (SA) (Q1)

Prev.: 3.85%

Act.: 2.3%

Is AUDUSD back down?-第1张图

U.S. Trade Balance (Apr)

Prev.: -60.6B USD

Fcst: -75.2B USD

Act.: -74.6B USD

Is AUDUSD back down?-第2张图

Technical analysis

In this 4-hour diagram chart, the market price now is 0.66608, we expect the market to push the price down to the previous demand zone at 0.66400 and will rage for a while and from that point, the market will push the price down to the oldest demand zone at 0.64600 with the 20-moving average pointing down.



Trading Recommendation

Trading Direction: Short

Entry Price: 0.66397

Target Price: 0.64708

Stop Loss: 0.67283

Is AUDUSD back down?-第3张图

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