Published on Apr 11, 2023

Daily Analysis For AUD/USD 11-04-2023

AUD/USD Analysis

Economic Events and Scenario for AUD/USD

Economic Events : -

GMT	Event	Impact	Currency
00:01	(United Kingdom) BRC Retail Sales Monitor YoY	High	GBP
01:30	(Australia) Westpac Consumer Confidence Index	High	AUD
01:30	(Australia) Westpac Consumer Confidence Change	High	AUD
02:30	(Australia) NAB Business Confidence	High	AUD
02:30	(China) Inflation Rate MoM	Medium	CNY
02:30	(China) Inflation Rate YoY	High	CNY
02:30	(China) PPI YoY	Medium	CNY
04:35	(Japan) 5-Year JGB Auction	Low	JPY
07:00	(China) Vehicle Sales YoY	Low	CNY
07:00	(Lithuania) CPI	Low	EUR
07:00	(Lithuania) Inflation Rate MoM	Low	EUR
07:00	(Lithuania) Inflation Rate YoY	Low	EUR
08:00	(Japan) Machine Tool Orders YoY	Low	JPY
08:00	(Slovakia) Retail Sales MoM	Low	EUR
08:00	(Slovakia) Retail Sales YoY	Low	EUR
08:00	(Slovakia) Industrial Production YoY	Low	EUR
09:00	(China) Outstanding Loan Growth YoY	Low	CNY
09:00	(China) M2 Money Supply YoY	Low	CNY
09:00	(China) New Yuan Loans	Low	CNY
09:00	(China) Total Social Financing	Low	CNY
09:30	(Slovenia) Industrial Production YoY	Low	EUR
09:40	(Spain) 6-Month Letras Auction	Low	EUR
09:40	(Spain) 12-Month Letras Auction	Low	EUR
10:00	(Malta) Industrial Production YoY	Low	EUR
10:00	(Euro Area) Retail Sales MoM	High	EUR
10:00	(Euro Area) Retail Sales YoY	High	EUR
10:30	(Belgium) Industrial Production MoM	Low	EUR
10:30	(Belgium) Industrial Production YoY	Low	EUR
10:30	(Germany) 5-Year Bobl Auction	Low	EUR
11:00	(Latvia) Balance of Trade	Low	EUR
11:00	(United Kingdom) BBA Mortgage Rate	Low	GBP
11:00	(United States) NFIB Business Optimism Index	Low	USD
13:55	(United States) Redbook YoY	Low	USD
14:00	(France) 3-Month BTF Auction	Low	EUR
14:00	(France) 12-Month BTF Auction	Low	EUR
14:00	(France) 6-Month BTF Auction	Low	EUR
16:00	(Kosovo) Inflation Rate YoY	Low	EUR
17:00	(United States) WASDE Report	Low	USD
18:00	(United States) 3-Year Note Auction	Low	USD
21:00	(United States) Fed Harker Speech	Medium	USD
21:30	(United States) API Crude Oil Stock Change	Medium	USD
23:45	(New Zealand) Electronic Retail Card Spending MoM	Low	NZD
23:45	(New Zealand) Electronic Retail Card Spending YoY	Low	NZD

Today's Scenario: - On Tuesday, AUD/USD is continuing to rise towards the 0.6700 level, boosted by the news that Australia has suspended its World Trade Organization (WTO) dispute against China regarding barley. The pair seems to be disregarding the mixed inflation figures from China, which revealed that the Consumer Price Index (CPI) unexpectedly eased in March. Meanwhile, the US Dollar is losing some of its gains as it awaits commentary from the US Federal Reserve.

Buy Scenario: - To target the First Major Resistance Level (R1) at $0.6674 and the Monday high of $0.66802, the AUD/USD pair needs to move through the $0.6647 pivot. A bullish session would be signaled by a return to $0.6650. However, the Aussie Dollar needs support from positive Australian data and a 'risk-on' US session to have a breakout day.

If the breakout session occurs, the Aussie would likely test the Second Major Resistance Level (R2) at $0.6708. The Third Major Resistance Level (R3) is at $0.6769. Till we do not advise to buy AUD/USD.

Sell Scenario: - If the pivot is not surpassed, the First Major Support Level (S1) at $0.6613 would come into play. However, unless there is another risk-off-fueled sell-off, the AUD/USD pair should stay above sub-$0.66 and the Second Major Support Level (S2) at $0.6586. The Third Major Support Level (S3) is at $0.6525.Till we do not advise to sell AUD/USD.

Support and Resistance Level: -