Daily Analysis For AUD/USD 05-04-2023

Daily Analysis For AUD/USD 05-04-2023

AUD/USD Analysis
AUD/USD
Economic Events and Scenario for AUD/USD
Economic Events : -
GMTEventImpactCurrency
00:00(Australia) Ai Group Industry IndexMediumAUD
00:00(Australia) Judo Bank Services PMIHighAUD
00:00(Australia) Judo Bank Composite PMILowAUD
00:00(Australia) Ai Group Construction IndexLowAUD
00:00(Australia) Ai Group Manufacturing IndexLowAUD
01:00(China) Qingming FestivalNoneCNY
01:01(Ireland) AIB Services PMILowEUR
01:30(Japan) Jibun Bank Services PMIMediumJPY
01:30(Japan) Jibun Bank Composite PMILowJPY
02:30(Australia) RBA Chart PackLowAUD
03:00(New Zealand) RBNZ Interest Rate DecisionMediumNZD
03:30(Australia) RBA Gov Lowe SpeechHighAUD
07:00(Germany) Factory Orders MoMMediumEUR
07:45(France) Industrial Production MoMMediumEUR
08:00(Spain) Industrial Production YoYLowEUR
08:15(Spain) S&P Global Composite PMILowEUR
08:15(Spain) S&P Global Services PMIHighEUR
08:45(Italy) S&P Global Services PMIHighEUR
08:45(Italy) S&P Global Composite PMILowEUR
08:50(France) S&P Global Services PMIMediumEUR
08:50(France) S&P Global Composite PMILowEUR
08:55(Germany) S&P Global Services PMIHighEUR
08:55(Germany) S&P Global Composite PMILowEUR
09:00(Germany) New Car Registrations YoYLowEUR
09:00(Euro Area) S&P Global Composite PMILowEUR
09:00(Euro Area) S&P Global Services PMIHighEUR
09:00(United Kingdom) New Car Sales YoYLowGBP
09:30(United Kingdom) S&P Global/CIPS UK Services PMIHighGBP
09:30(United Kingdom) S&P Global/CIPS Composite PMILowGBP
10:00(France) New Car Registrations YoYLowEUR
10:00(Italy) Retail Sales YoYHighEUR
10:00(Italy) Retail Sales MoMHighEUR
10:00(Cyprus) Construction Output YoYLowEUR
10:00(Cyprus) Current AccountLowEUR
10:30(Germany) 7-Year Bund AuctionLowEUR
11:00(Luxembourg) Inflation Rate YoYLowEUR
11:00(Luxembourg) Inflation Rate MoMLowEUR
11:00(Spain) Consumer ConfidenceMediumEUR
11:00(Ireland) Unemployment RateLowEUR
11:10(European Union) 6-Month Bill AuctionLowEUR
11:10(European Union) 3-Month Bill AuctionLowEUR
12:00(United States) MBA 30-Year Mortgage RateMediumUSD
12:00(United States) MBA Mortgage ApplicationsLowUSD
12:00(United States) MBA Mortgage Market IndexLowUSD
12:00(United States) MBA Mortgage Refinance IndexLowUSD
12:00(United States) MBA Purchase IndexLowUSD
13:15(United States) ADP Employment ChangeHighUSD
13:30(Canada) ImportsLowCAD
13:30(Canada) ExportsLowCAD
13:30(Canada) Balance of TradeHighCAD
13:30(United States) ExportsMediumUSD
13:30(United States) ImportsMediumUSD
13:30(United States) Balance of TradeHighUSD
14:45(United States) S&P Global Composite PMIMediumUSD
14:45(United States) S&P Global Services PMIHighUSD
15:00(United States) ISM Non-Manufacturing Business ActivityLowUSD
15:00(United States) ISM Non-Manufacturing PricesLowUSD
15:00(United States) ISM Non-Manufacturing New OrdersLowUSD
15:00(United States) ISM Non-Manufacturing EmploymentMediumUSD
15:00(United States) ISM Non-Manufacturing PMIHighUSD
15:00(Euro Area) ECB Lane SpeechLowEUR
15:30(United States) EIA Refinery Crude Runs ChangeLowUSD
15:30(United States) EIA Crude Oil Stocks ChangeMediumUSD
15:30(United States) EIA Heating Oil Stocks ChangeLowUSD
15:30(United States) EIA Gasoline Production ChangeLowUSD
15:30(United States) EIA Distillate Stocks ChangeLowUSD
15:30(United States) EIA Crude Oil Imports ChangeLowUSD
15:30(United States) EIA Gasoline Stocks ChangeMediumUSD
15:30(United States) EIA Cushing Crude Oil Stocks ChangeLowUSD
15:30(United States) EIA Distillate Fuel Production ChangeLowUSD
16:30(United States) 17-Week Bill AuctionLowUSD
17:00(Canada) 10-Year Bond AuctionLowCAD
Today's Scenario: - In Wednesday's mid-Asian session, AUD/USD is trading with moderate gains above 0.6750. The Australian dollar pair is being supported by the surprise rate hike by the Reserve Bank of New Zealand (RBNZ) and is consolidating the losses induced by the decision of the Reserve Bank of Australia (RBA), while traders digest Governor Philip Lowe's speech. The market is now focused on the upcoming US data.
Buy Scenario: - In AUD/USD pair recovery moves may target the top line of the channel, around 0.6800, and the 50% Fibonacci retracement level. Intermediate halts may occur at 0.6810 and 61.8% Fibonacci retracement level of 0.6852, while the peak of February at 0.7030 remains the ultimate goal. Till we do not advise to buy AUD/USD.
Sell Scenario: - During the early European session on Wednesday, AUD/USD continued to decrease, hitting an intraday low near 0.6730 for the second consecutive day. The pair's decline is in contrast to the corrective bounce caused by the Reserve Bank of Australia (RBA) Governor Philip Lowe. The latest pullback is being supported by bearish MACD signals and a reversal from the top line of the ascending trend channel.
The AUD/USD bears are poised to overcome the crucial EMA support level of 0.6730 and target the round figure of 0.6700.
However, the 23.6% Fibonacci retracement level and the lower line of the trend channel, situated around 0.6670, could be difficult to overcome. If the pair dips below 0.6670, the possibility of a decline toward this year's low, around 0.6565, cannot be ruled out. Till we do not advise to sell AUD/USD.
Support and Resistance Level: -
SupportResistance
S1 0.6717-R1 0.6790
S2 0.6683-R2 0.6828
S3 0.6644-R3 0.6862

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