Chapter 6 Is AUDUSA starting the downtrend?
05/02/2023
Summary
USA Unexpected data leads to the market.
Fundamental analysis
The fundamental view on this pair AUDUSA Shows that the most extraordinary unexpected data result in the USA ( the non-farm payroll unemployment rates and employment rates) all come with a very positive surprising impact, On the other hand, The Australian dollar data coming on Monday and Tuesday shows a negative expectation.
U.S. Non-Farm Payrolls
Previous 260K
Actual 517K
U.S. Unemployment Rate
Previous 3.5%
Actual 3.4%
Australia Retail Sales QoQ
Previous 0.2%
Expected -0.5%
Australia RBA Interest Rate Decision
Previous 3.1%
Expected 3.35%
Technical analysis
In this 4-hour diagram chart, The Market price now is 0.69216 With a big push to the downside after the fundamental impact, We expect the price to pull back up to the previous supply zone at 0.70000 It's also a Fibonacci level of 61.8 and from their market will start to trend back down the oldest demand zone at 0.685000 With 20 moving average keep pointing down.
Trading Recommendation
Trading Direction: Short
Entry Price: 0.70092
Target Price: 0.68872
Stop Loss: 0.70656
