Published on Apr 10, 2023

Daily Analysis For AUD/USD 10-04-2023

AUD/USD Analysis

Economic Events and Scenario for AUD/USD

Economic Events : -

GMT	Event	Impact	Currency
00:50	(Japan) Current Account	Medium	JPY
01:00	(Australia) Easter Monday	None	AUD
01:00	(Austria) Easter Monday	None	EUR
01:00	(Belgium) Easter Monday	None	EUR
01:00	(Euro Area) Easter Monday	None	EUR
01:00	(Finland) Easter Monday	None	EUR
01:00	(France) Easter Monday	None	EUR
01:00	(Germany) Easter Monday	None	EUR
01:00	(Ireland) Easter Monday	None	EUR
01:00	(Italy) Easter Monday	None	EUR
01:00	(Latvia) Easter Monday	None	EUR
01:00	(Lithuania) Easter Monday	None	EUR
01:00	(Luxembourg) Easter Monday	None	EUR
01:00	(Malta) Easter Monday	None	EUR
01:00	(Netherlands) Easter Monday	None	EUR
01:00	(New Zealand) Easter Monday	None	NZD
01:00	(Switzerland) Easter Monday	None	CHF
01:00	(United Kingdom) Easter Monday	None	GBP
06:00	(Estonia) Inflation Rate MoM	Low	EUR
06:00	(Estonia) Inflation Rate YoY	Low	EUR
06:00	(Estonia) Balance of Trade	Low	EUR
06:00	(Estonia) CPI	Low	EUR
06:00	(Japan) Consumer Confidence	High	JPY
07:00	(Japan) Eco Watchers Survey Current	Low	JPY
07:00	(Japan) Eco Watchers Survey Outlook	Low	JPY
09:00	(Australia) Myfxbook AUDUSD Sentiment	Medium	AUD
09:00	(Switzerland) Myfxbook USDCHF Sentiment	Medium	CHF
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
10:00	(Greece) Inflation Rate MoM	Low	EUR
10:00	(Greece) Industrial Production YoY	Low	EUR
10:00	(Greece) Harmonised Inflation Rate YoY	Low	EUR
10:00	(Greece) Inflation Rate YoY	Low	EUR
10:00	(Malta) Balance of Trade	Low	EUR
10:30	(Cyprus) Balance of Trade	Low	EUR
11:00	(Portugal) Balance of Trade	Low	EUR
15:00	(United States) Wholesale Inventories MoM	Low	USD
16:00	(United States) Consumer Inflation Expectations	Low	USD
16:30	(United States) 3-Month Bill Auction	Low	USD
16:30	(United States) 6-Month Bill Auction	Low	USD
21:15	(United States) Fed Williams Speech	Medium	USD

Today's Scenario: - The AUD/USD currency pair is currently trading with slight losses around the 0.6670 level, despite bouncing back from its intraday low. The lack of influencers due to the Easter Monday holiday is keeping the bearish pressure limited, and the pair is failing to react to the increasing tensions between the US and China.

Buy Scenario: - The AUD/USD is hovering around the 0.6670 level, as traders await new signals to continue the previous day's recovery from the 61.8% Fibonacci retracement level of its March-April upside. However, if the pair fails to extend the recovery, a break below the one-month-old ascending trend line, currently at 0.6690, could indicate further downside. Additionally, the RSI (14) line has eased, suggesting dip-buying, and the MACD line has improved from the bearish zone. Nevertheless, breaking above the immediate resistance level of 0.6690 may still pose a challenge for buyers due to the convergence of the 50-SMA and 38.2% Fibonacci retracement level at around 0.6705. The next resistance is a horizontal area around 0.6755-0.6760. Till we do not advise to buy AUD/USD.

Sell Scenario: - If the AUD/USD pair remains bearish, the 61.8% Fibonacci retracement level around 0.6650 will be a key support level. A break below this level could lead to a test of multiple levels around 0.6630 before hitting the previous monthly low of about 0.6560. Till we do not advise to sell AUD/USD.

Support and Resistance Level: -