Daily Analysis For AUD/USD  06-04-2023

Daily Analysis For AUD/USD 06-04-2023

AUD/USD Analysis
AUD/USD
Economic Events and Scenario for AUD/USD
Economic Events : -
GMTEventImpactCurrency
00:50(Japan) Foreign Bond InvestmentLowJPY
00:50(Japan) Stock Investment by ForeignersLowJPY
01:00(El Salvador) Maundy ThursdayNoneUSD
01:00(Portugal) Maundy ThursdayNoneEUR
02:30(Australia) Exports MoMLowAUD
02:30(Australia) Imports MoMLowAUD
02:30(Australia) Balance of TradeHighAUD
02:30(Australia) RBA Financial Stability ReviewMediumAUD
02:45(China) Caixin Composite PMILowCNY
02:45(China) Caixin Services PMIHighCNY
04:35(Japan) 6-Month Bill AuctionLowJPY
04:35(Japan) 30-Year JGB AuctionLowJPY
06:00(Estonia) Industrial Production MoMLowEUR
06:00(Estonia) Industrial Production YoYLowEUR
06:00(Finland) Industrial Production YoYLowEUR
06:45(Switzerland) Unemployment RateHighCHF
07:00(Finland) Balance of TradeLowEUR
07:00(Germany) Industrial Production MoMMediumEUR
07:00(United Kingdom) Halifax House Price Index MoMMediumGBP
07:00(United Kingdom) Halifax House Price Index YoYMediumGBP
08:00(Austria) Balance of TradeLowEUR
08:00(Austria) Wholesale Prices MoMLowEUR
08:00(Austria) Wholesale Prices YoYLowEUR
08:00(Slovakia) Balance of TradeLowEUR
08:00(Switzerland) Foreign Exchange ReservesLowCHF
08:30(Euro Area) S&P Global Construction PMILowEUR
08:30(France) S&P Global Construction PMILowEUR
08:30(Germany) S&P Global Construction PMIMediumEUR
08:30(Italy) S&P Global Construction PMILowEUR
09:00(Germany) New Car Registrations YoYLowEUR
09:30(United Kingdom) S&P Global/CIPS Construction PMIMediumGBP
10:00(France) New Car Registrations YoYLowEUR
10:00(Cyprus) Construction Output YoYLowEUR
10:00(Cyprus) Inflation Rate MoMLowEUR
10:00(Cyprus) Inflation Rate YoYLowEUR
10:00(France) 10-Year OAT AuctionLowEUR
11:00(Ireland) Industrial Production YoYLowEUR
12:30(United States) Challenger Job CutsLowUSD
13:30(Canada) Average Hourly Wages YoYLowCAD
13:30(Canada) Part Time Employment ChgMediumCAD
13:30(Canada) Full Time Employment ChgMediumCAD
13:30(Canada) Participation RateMediumCAD
13:30(Canada) Employment ChangeHighCAD
13:30(Canada) Unemployment RateHighCAD
13:30(United States) Initial Jobless ClaimsHighUSD
13:30(United States) Jobless Claims 4-week AverageHighUSD
13:30(United States) Continuing Jobless ClaimsHighUSD
15:00(Canada) Ivey PMI s.aHighCAD
15:00(Ecuador) Inflation Rate YoYLowUSD
15:00(United States) Total Vehicle SalesLowUSD
15:00(United States) Fed Bullard SpeechMediumUSD
15:30(United States) EIA Natural Gas Stocks ChangeLowUSD
16:30(United States) 8-Week Bill AuctionLowUSD
16:30(United States) 4-Week Bill AuctionLowUSD
18:00(United States) Baker Hughes Oil Rig CountLowUSD
18:00(United States) Baker Hughes Total Rig CountLowUSD

Today's Scenario: - The AUD/USD pair is currently trading around 0.6700, showing a bearish sentiment despite mixed Australian trade data and positive Chinese Caixin Services PMI. The Australian dollar, which is considered a higher-yielding currency, is being weighed down by renewed tensions between the United States and China. This has led to an increase in risk aversion and strengthened the US Dollar, which is considered a safe-haven currency.

Buy Scenario: - On the daily chart, AUD/USD bounced off the 20-period Simple Moving Average (SMA) at 0.6675 and rose above 0.6700. However, technical indicators signal some weakness for the Australian dollar, although it should be limited as long as it remains above 0.6660. The upside potential is also limited while below the 100-day SMA at 0.6794 and the psychological level of 0.6800.
Meanwhile, the bias on the 4-hour chart favors the upside as AUD/USD is holding above a key uptrend line at 0.6670. However, it is below the 20-period SMA, and technical indicators suggest a mixed outlook. This could mean that the pair may consolidate between 0.6670 and 0.6735. A break above 0.6735 could lead to a resistance at 0.6760. Till we do not advise to buy AUD/USD.

Sell Scenario: - A convergence of a one-month-old ascending support line and the 21-DMA highlights 0.6680 as the key short-term key support for the AUD/USD pair traders to watch before welcoming bears. Till we do not advise to sell AUD/USD.

Support and Resistance Level: -
SupportResistance
S1 0.6672-R1 0.6775
S2 0.6623-R2 0.6829
S3 0.6568-R3 0.6878

Discussion

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