AU200 Analysis: Mixed data bearish for AU200

September 10, 2020

By IFCMarkets.com

Mixed data bearish for AU200

Australia’s economic data of the latest week were mixed. Retail sales rose in June, trade surplus declined more than expected, business confidence rose in August while remaining very weak, though consumer confidence improved. Thus, retail sales rose 3.2% over month in July after 2.7% growth in June, the Melbourne Institute and Westpac Bank Consumer Sentiment Index for Australia rose 18% over month to 93.8 in September after a 9.5% fall a month earlier. At the same time business confidence remained fragile despite a National Australia Bank index’s increase to -8 in August from -14 in the previous month. And the trade surplus declined to A$4.6 billion in July from A$8.1 billion in June when a decline to A$5 billion was forecast. Mixed Australian economic data are bearish for AU200.

Indicator VALUE Signal
RSI Neutral
MACD Sell
Donchian Channel Sell
MA(200) Sell
Fractals Sell
Parabolic SAR Sell
Fibonacci Neutral

 

Summary of technical analysis

Order Sell
Buy stop Below 5815.27
Stop loss Above 6123.13

Market Analysis provided by IFCMarkets.com


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