Chapter 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%
U.S. Trade Balance (Apr)
Prev.: -60.6B USD
Fcst: -75.2B USD
Act.: -74.6B USD
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
