Daily Analysis For AUD/USD  11-04-2023

Daily Analysis For AUD/USD 11-04-2023

AUD/USD Analysis
AUD/USD
Economic Events and Scenario for AUD/USD
Economic Events : -
GMTEventImpactCurrency
00:01(United Kingdom) BRC Retail Sales Monitor YoYHighGBP
01:30(Australia) Westpac Consumer Confidence IndexHighAUD
01:30(Australia) Westpac Consumer Confidence ChangeHighAUD
02:30(Australia) NAB Business ConfidenceHighAUD
02:30(China) Inflation Rate MoMMediumCNY
02:30(China) Inflation Rate YoYHighCNY
02:30(China) PPI YoYMediumCNY
04:35(Japan) 5-Year JGB AuctionLowJPY
07:00(China) Vehicle Sales YoYLowCNY
07:00(Lithuania) CPILowEUR
07:00(Lithuania) Inflation Rate MoMLowEUR
07:00(Lithuania) Inflation Rate YoYLowEUR
08:00(Japan) Machine Tool Orders YoYLowJPY
08:00(Slovakia) Retail Sales MoMLowEUR
08:00(Slovakia) Retail Sales YoYLowEUR
08:00(Slovakia) Industrial Production YoYLowEUR
09:00(China) Outstanding Loan Growth YoYLowCNY
09:00(China) M2 Money Supply YoYLowCNY
09:00(China) New Yuan LoansLowCNY
09:00(China) Total Social FinancingLowCNY
09:30(Slovenia) Industrial Production YoYLowEUR
09:40(Spain) 6-Month Letras AuctionLowEUR
09:40(Spain) 12-Month Letras AuctionLowEUR
10:00(Malta) Industrial Production YoYLowEUR
10:00(Euro Area) Retail Sales MoMHighEUR
10:00(Euro Area) Retail Sales YoYHighEUR
10:30(Belgium) Industrial Production MoMLowEUR
10:30(Belgium) Industrial Production YoYLowEUR
10:30(Germany) 5-Year Bobl AuctionLowEUR
11:00(Latvia) Balance of TradeLowEUR
11:00(United Kingdom) BBA Mortgage RateLowGBP
11:00(United States) NFIB Business Optimism IndexLowUSD
13:55(United States) Redbook YoYLowUSD
14:00(France) 3-Month BTF AuctionLowEUR
14:00(France) 12-Month BTF AuctionLowEUR
14:00(France) 6-Month BTF AuctionLowEUR
16:00(Kosovo) Inflation Rate YoYLowEUR
17:00(United States) WASDE ReportLowUSD
18:00(United States) 3-Year Note AuctionLowUSD
21:00(United States) Fed Harker SpeechMediumUSD
21:30(United States) API Crude Oil Stock ChangeMediumUSD
23:45(New Zealand) Electronic Retail Card Spending MoMLowNZD
23:45(New Zealand) Electronic Retail Card Spending YoYLowNZD

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: -
SupportResistance
S1 0.6614-R1 0.6674
S2 0.6587-R2 0.6707
S3 0.6554-R3 0.6734

Discussion

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