Chapter 47 AUDUSD back to a downtrend
25/06/2023
Summary
Fed Chair Powell testimony Leeds the market
Fundamental analysis
Fundamentally in this pair, We see the data released last week in Australia The PMI of the service sector and Composite sector With lower figures than last month will give weakness for the AUDon the other hand we see in Powell fed chair testimony that he repeats He strongly agreed of increasing interest rate two more times this year this will give strength for the USD.
Australia Service PMI
Prev.: 51.8
Act.: 50.7
Australia Composite PMI
Prev.: 51.2
Act.: 50.5
Technical analysis
In this 4-hour diagram chart, the market price now is 0.66773, we expect the market to move down and then Bounce up to the previous demand zone Which it change now to supply at 0.67500 To create a new lower high and from there market will push down to the oldest demand zone at 0.65800 Following the daily chart downtrend with the 20-moving average pointing down.
Trading Recommendation
Trading Direction: Short
Entry Price: 0.67444
Target Price: 0.66918
Stop Loss: 0.68185
