Published on May 1, 2023

Daily Analysis For AUD/USD 01-05-2023

AUD/USD Analysis

Economic Events and Scenario for AUD/USD

Economic Events : -

GMT	Event	Impact	Currency
00:00	(Australia) Judo Bank Manufacturing PMI	High	AUD
01:00	(Austria) Labor Day	None	EUR
01:00	(Belgium) Labor Day	None	EUR
01:00	(China) May Day	None	CNY
01:00	(Cyprus) Labor Day	None	EUR
01:00	(Ecuador) Labor Day	None	USD
01:00	(El Salvador) Labor Day	None	USD
01:00	(Estonia) Spring Day	None	EUR
01:00	(Euro Area) Labor Day	None	EUR
01:00	(Finland) May Day	None	EUR
01:00	(France) Labor Day	None	EUR
01:00	(Germany) Labor Day	None	EUR
01:00	(Greece) Labor Day	None	EUR
01:00	(Ireland) May Day	None	EUR
01:00	(Italy) Labor Day	None	EUR
01:00	(Latvia) Labor Day	None	EUR
01:00	(Lithuania) Labor Day	None	EUR
01:00	(Luxembourg) Labor Day	None	EUR
01:00	(Malta) Labor Day	None	EUR
01:00	(Montenegro) Labor day	None	EUR
01:00	(Portugal) Labor Day	None	EUR
01:00	(Spain) Labor Day	None	EUR
01:00	(United Kingdom) May Day Bank Holiday	None	GBP
01:30	(Japan) Jibun Bank Manufacturing PMI	Medium	JPY
02:00	(Australia) TD-MI Inflation Gauge MoM	Low	AUD
02:30	(Australia) ANZ-Indeed Job Ads MoM	Low	AUD
06:00	(Japan) Consumer Confidence	High	JPY
07:30	(Australia) Commodity Prices YoY	Low	AUD
09:00	(Switzerland) Myfxbook USDCHF Sentiment	Medium	CHF
09:00	(Australia) Myfxbook AUDUSD Sentiment	Medium	AUD
09:00	(Japan) Myfxbook USDJPY Sentiment	Medium	JPY
09:00	(European Union) Myfxbook EURUSD Sentiment	Medium	EUR
09:00	(United Kingdom) Myfxbook GBPUSD Sentiment	Medium	GBP
09:00	(Canada) Myfxbook USDCAD Sentiment	Medium	CAD
09:00	(New Zealand) Myfxbook NZDUSD Sentiment	Medium	NZD
14:30	(Canada) S&P Global Manufacturing PMI	High	CAD
14:45	(United States) S&P Global Manufacturing PMI	High	USD
15:00	(United States) ISM Manufacturing Prices	Low	USD
15:00	(United States) ISM Manufacturing New Orders	Low	USD
15:00	(United States) ISM Manufacturing Employment	Medium	USD
15:00	(United States) Construction Spending MoM	Low	USD
15:00	(United States) ISM Manufacturing PMI	High	USD
16:30	(United States) 3-Month Bill Auction	Low	USD
16:30	(United States) 6-Month Bill Auction	Low	USD

Today's Scenario: - The AUD/USD pair is currently attempting to break through a significant resistance level at 0.6640 during the Asian trading session. The rally of the Australian dollar has been fueled by the US Dollar Index (DXY) struggling to maintain its recovery above 101.80. However, the AUD/USD pair will need substantial momentum to surpass the 0.6640 level due to the apprehension surrounding the upcoming Federal Reserve (Fed) monetary policy announcement.

Positive market sentiment is reflected in the gains of S&P 500 futures during the Asian session after a bullish Friday. The anxiety surrounding the US banking sector has been somewhat alleviated by private lenders attempting to rescue First Republic Bank. JP Morgan and PNC are submitting a final bid for First Republic Bank in the Federal Deposit Insurance Corporation (FDIC) auction.

Buy Scenario: - To continue its upward momentum, the AUD/USD pair needs to avoid dropping below the pivot level of $0.6610 and instead target the First Major Resistance Level (R1) at $0.6646. A break above the Friday high of $0.66423 would indicate a bullish trend, which could be supported by positive market sentiment.

If the AUD/USD pair does break out, it could potentially test the Second Major Resistance Level (R2) at $0.6679, followed by the Third Major Resistance Level (R3) at $0.6747. Till we do not advise to buy AUD/USD.

Sell Scenario: - However, if the pair falls below the pivot level, the First Major Support Level (S1) at $0.6577 could come into play. Unless there is a risk-off event that triggers a sell-off, the pair is expected to stay above the Second Major Support Level (S2) at $0.6541 and avoid dropping below the level of $0.6570.

The Third Major Support Level (S3) sits at $0.6472. Till we do not advise to sell AUD/USD.

Support and Resistance Level: -