Daily Analysis For AUD/USD 07-04-2023

Daily Analysis For AUD/USD 07-04-2023

AUD/USD Analysis
AUD/USD
Economic Events and Scenario for AUD/USD
Economic Events : -
GMTEventImpactCurrency
00:30(Japan) Overtime Pay YoYLowJPY
00:30(Japan) Household Spending YoYLowJPY
00:30(Japan) Household Spending MoMLowJPY
00:30(Japan) Average Cash Earnings YoYLowJPY
00:50(Japan) Foreign Exchange ReservesLowJPY
01:00(Australia) Good FridayNoneAUD
01:00(Belgium) Good FridayNoneEUR
01:00(Canada) Good FridayNoneCAD
01:00(Ecuador) Good FridayNoneUSD
01:00(El Salvador) Good FridayNoneUSD
01:00(Estonia) Good FridayNoneEUR
01:00(Euro Area) Good FridayNoneEUR
01:00(Finland) Good FridayNoneEUR
01:00(Germany) Good FridayNoneEUR
01:00(Latvia) Good FridayNoneEUR
01:00(Luxembourg) Good FridayNoneEUR
01:00(Malta) Good FridayNoneEUR
01:00(Netherlands) Good FridayNoneEUR
01:00(New Zealand) Good FridayNoneNZD
01:00(Portugal) Good FridayNoneEUR
01:00(Spain) Good FridayNoneEUR
01:00(Switzerland) Good FridayNoneCHF
01:00(United Kingdom) Good FridayNoneGBP
01:00(United States) Good FridayNoneUSD
04:35(Japan) 3-Month Bill AuctionLowJPY
05:30(Netherlands) Household Consumption YoYLowEUR
05:30(Netherlands) Manufacturing Production MoMLowEUR
06:00(Japan) Leading Economic IndexLowJPY
06:00(Japan) Coincident IndexLowJPY
07:00(Lithuania) Balance of TradeLowEUR
07:45(France) ImportsLowEUR
07:45(France) ExportsLowEUR
07:45(France) Current AccountLowEUR
07:45(France) Balance of TradeMediumEUR
08:00(Austria) Industrial Production YoYLowEUR
08:30(France) Foreign Exchange ReservesLowEUR
09:00(China) Foreign Exchange ReservesLowCNY
10:00(Greece) Balance of TradeLowEUR
13:30(United States) Manufacturing PayrollsLowUSD
13:30(United States) Nonfarm Payrolls PrivateHighUSD
13:30(United States) Unemployment RateHighUSD
13:30(United States) Non Farm PayrollsHighUSD
13:30(United States) Participation RateMediumUSD
13:30(United States) Government PayrollsLowUSD
13:30(United States) Average Weekly HoursLowUSD
13:30(United States) Average Hourly Earnings MoMMediumUSD
13:30(United States) Average Hourly Earnings YoYMediumUSD
14:00(United States) Used Car Prices MoMLowUSD
14:00(United States) Used Car Prices YoYLowUSD
20:00(United States) Consumer Credit ChangeLowUSD
Today's Scenario: - The AUD/USD has regained some ground this Friday, currently trading around 0.6680, as the market awaits the release of the US Nonfarm Payrolls (NFP) report. This comes after the pair suffered weekly losses, but is now seeing some daily gains, in part due to positive news coming out of China, which is a major trading partner for Australia. However, market activity is expected to remain sluggish due to the Good Friday holiday.
Buy Scenario: - Despite a recent rebound, the AUD/USD pair needs to stay below the lower line of the bullish channel, which is currently near 0.6690, to maintain the current bearish bias. In the event that the pair's price does climb, it could encounter resistance at the 0.6700 level, followed by the 50-day moving average, 100-day moving average, and top line of the bullish channel, which are all expected to offer resistance between 0.6785 and 0.6820.
Alternatively, there is an upward sloping support line from last November, which could provide a floor for the AUD/USD pair's price, and which is currently around 0.6620. Till we do not advise to buy AUD/USD.
Sell Scenario: - From a technical standpoint, the AUD/USD pair's recent rejection of a bullish channel that has been in place for a month and a bearish crossover of the 50-day moving average crossing below the 100-day moving average indicate a bearish outlook. Additionally, the Relative Strength Index (RSI) remains steady, providing additional support for further downside. If the price falls below this level, the previous monthly low of 0.6564, which is also the Year-To-Date (YTD) bottom, could become a key level of support. Till we do not advise to sell AUD/USD.
Support and Resistance Level: -
SupportResistance
S1 0.6642-R1 0.6714
S2 0.6611-R2 0.6756
S3 0.6569-R3 0.6786

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