July 7, 2020
By IFCMarkets
Better Australian economic data bullish for AUDUSD
Australia’s economic data in the last couple of weeks were positive on balance: the trade surplus rose to A$8.03 billion from 7.83 billion in April, and retail sales increase continued – 16.9% in May after 16.3% in April. And consumer prices recorded an uptick after decline in May – the Melbourne Institute (MI) inflation gauge rose 0.6% over month in June after 1.2% decline in May. However services sector contraction continued in June – the Australian Industry Group (AIG) service index ticked down to 31.5 from 31.6 in May. Readings below 50.0 indicate contraction. Improving data are bullish for AUDUSD.
| Indicator | VALUE | Signal |
|---|---|---|
| RSI | Neutral | |
| MACD | Buy | |
| Donchian Channel | Buy | |
| MA(200) | Buy | |
| Fractals | Neutral | |
| Parabolic SAR | Buy |
Summary of technical analysis
| Order | Buy |
| Buy stop | Above 0.6997 |
| Stop loss | Below 0.6832 |
Market Analysis provided by IFCMarkets
