Daily Analysis For AUD/USD 22-03-2023

Daily Analysis For AUD/USD 22-03-2023

AUD/USD Analysis
AUD/USD
Economic Events and Scenario for AUD/USD
Economic Events : -
GMTEventImpactCurrency
00:00(Australia) Westpac Leading Index MoMLowAUD
05:30(Netherlands) Consumer ConfidenceMediumEUR
07:00(United Kingdom) PPI Core Output YoYLowGBP
07:00(United Kingdom) PPI Core Output MoMLowGBP
07:00(United Kingdom) Core Inflation Rate MoMLowGBP
07:00(United Kingdom) PPI Output MoMLowGBP
07:00(United Kingdom) PPI Input MoMLowGBP
07:00(United Kingdom) PPI Output YoYLowGBP
07:00(United Kingdom) PPI Input YoYLowGBP
07:00(United Kingdom) Inflation Rate MoMMediumGBP
07:00(United Kingdom) Core Inflation Rate YoYMediumGBP
07:00(United Kingdom) Inflation Rate YoYHighGBP
07:00(United Kingdom) Retail Price Index YoYLowGBP
07:00(United Kingdom) Retail Price Index MoMLowGBP
08:00(Slovakia) Current AccountLowEUR
08:00(Switzerland) Current AccountMediumCHF
08:45(Euro Area) ECB President Lagarde SpeechMediumEUR
09:00(Euro Area) Current AccountLowEUR
09:00(Euro Area) Current Account s.aLowEUR
09:30(Euro Area) ECB Lane SpeechMediumEUR
10:00(Belgium) Consumer ConfidenceLowEUR
10:00(Italy) Current AccountLowEUR
10:00(United Kingdom) 5-Year Treasury Gilt AuctionLowGBP
10:30(Germany) 10-Year Bund AuctionMediumEUR
11:00(Ireland) Wholesale Prices MoMLowEUR
11:00(Ireland) Wholesale Prices YoYLowEUR
11:00(United Kingdom) CBI Industrial Trends OrdersMediumGBP
11:00(United States) MBA 30-Year Mortgage RateMediumUSD
11:00(United States) MBA Mortgage ApplicationsLowUSD
11:00(United States) MBA Mortgage Market IndexLowUSD
11:00(United States) MBA Mortgage Refinance IndexLowUSD
11:00(United States) MBA Purchase IndexLowUSD
11:30(Portugal) Current AccountLowEUR
12:05(Germany) Bundesbank Mauderer SpeechLowEUR
12:30(Canada) New Housing Price Index MoMMediumCAD
12:30(Canada) New Housing Price Index YoYMediumCAD
13:45(Euro Area) ECB Panetta SpeechLowEUR
14:00(Kosovo) Balance of TradeLowEUR
14:30(United States) EIA Refinery Crude Runs ChangeLowUSD
14:30(United States) EIA Crude Oil Stocks ChangeMediumUSD
14:30(United States) EIA Heating Oil Stocks ChangeLowUSD
14:30(United States) EIA Gasoline Production ChangeLowUSD
14:30(United States) EIA Distillate Stocks ChangeLowUSD
14:30(United States) EIA Crude Oil Imports ChangeLowUSD
14:30(United States) EIA Gasoline Stocks ChangeMediumUSD
14:30(United States) EIA Cushing Crude Oil Stocks ChangeLowUSD
14:30(United States) EIA Distillate Fuel Production ChangeLowUSD
15:30(United States) 17-Week Bill AuctionLowUSD
17:00(Germany) Bundesbank Nagel SpeechLowEUR
17:30(Canada) BoC Summary of DeliberationsMediumCAD
18:00(United States) Fed Interest Rate DecisionHighUSD
18:00(United States) FOMC Economic ProjectionsHighUSD
18:00(United States) Interest Rate Projection - LongerMediumUSD
18:00(United States) Interest Rate Projection - CurrentMediumUSD
18:00(United States) Interest Rate Projection - 2nd YrMediumUSD
18:00(United States) Interest Rate Projection - 1st YrMediumUSD
18:30(United States) Fed Press ConferenceHighUSD
23:00(Japan) Reuters Tankan IndexMediumJPY
Today's Scenario: - The AUD/USD currency pair has managed to maintain its gains, staying below the critical level of 0.6700. However, it currently finds itself at a crucial juncture on the daily chart. The investor community is now eagerly awaiting the Federal Reserve's policy decision on Wednesday, following a tumultuous period of market volatility that has sent shockwaves across the antipodean region, all against the backdrop of the ongoing global banking crisis.
Buy Scenario: - As of now, buyers of AUD/USD remain confined within a one-week-old ascending triangle, with the currency pair trading between the levels of 0.6665 and 0.6735. The presence of optimistic oscillators is contributing to the upbeat sentiment among buyers. Till we do not advise to buy AUD/USD.
Sell Scenario: - Before the start of the Asian trading session, the 4-hour chart of AUD/USD appears to be slightly bearish, although not with a strong conviction. The Relative Strength Index (RSI) is currently trending downwards, and the Momentum is showing a flat trend around the mid-line. The currency pair's price is hovering around the 20-period Simple Moving Average (SMA).
If AUD/USD fails to recover and stay above the level of 0.6665 in the coming hours, it could potentially weaken further, with the next potential support level being 0.6630. In case of a further drop, the next support level to look out for is 0.6610.
However, if the pair manages to move above the level of 0.6685, it could potentially lead to a move towards the 0.6700 area. Till we do not advise to sell AUD/USD.
Support and Resistance Level: -
SupportResistance
S1 0.6637-R1 0.6714
S2 0.6605-R2 0.6758
S3 0.6560-R3 0.6790

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