Daily Analysis For AUD/USD  24-03-2023

Daily Analysis For AUD/USD 24-03-2023

AUD/USD Analysis
AUD/USD
Economic Events and Scenario for AUD/USD
Economic Events : -
GMTEventImpactCurrency
0:01(Ireland) Consumer ConfidenceLowEUR
0:01(United Kingdom) Gfk Consumer ConfidenceHighGBP
0:30(Japan) Jibun Bank Services PMIMediumJPY
0:30(Japan) Jibun Bank Composite PMILowJPY
0:30(Japan) Jibun Bank Manufacturing PMIMediumJPY
3:35(Japan) 3-Month Bill AuctionLowJPY
5:30(Netherlands) GDP Growth Rate QoQMediumEUR
5:30(Netherlands) GDP Growth Rate YoYMediumEUR
6:00(Finland) Import Prices YoYLowEUR
6:00(Finland) PPI YoYLowEUR
6:00(Finland) Export Prices YoYLowEUR
7:00(United Kingdom) Retail Sales MoMHighGBP
7:00(United Kingdom) Retail Sales YoYHighGBP
7:00(United Kingdom) Retail Sales ex Fuel MoMHighGBP
7:00(United Kingdom) Retail Sales ex Fuel YoYHighGBP
8:00(European Union) European Council MeetingMediumEUR
8:00(Spain) PPI YoYLowEUR
8:00(Spain) GDP Growth Rate QoQMediumEUR
8:00(Spain) GDP Growth Rate YoYMediumEUR
8:15(France) S&P Global Composite PMILowEUR
8:15(France) S&P Global Services PMIMediumEUR
8:15(France) S&P Global Manufacturing PMIMediumEUR
8:30(Germany) S&P Global Composite PMILowEUR
8:30(Germany) S&P Global Services PMIHighEUR
8:30(Germany) S&P Global Manufacturing PMIHighEUR
9:00(Euro Area) S&P Global Composite PMILowEUR
9:00(Euro Area) S&P Global Manufacturing PMIHighEUR
9:00(Euro Area) S&P Global Services PMIHighEUR
9:30(Slovenia) Business ConfidenceLowEUR
9:30(Slovenia) Tourist Arrivals YoYLowEUR
9:30(United Kingdom) S&P Global/CIPS Composite PMILowGBP
9:30(United Kingdom) S&P Global/CIPS Manufacturing PMIHighGBP
9:30(United Kingdom) S&P Global/CIPS UK Services PMIHighGBP
9:30(Germany) Bundesbank Nagel SpeechLowEUR
11:00(Luxembourg) Current AccountLowEUR
11:00(Netherlands) Current AccountLowEUR
12:30(Canada) Wholesale Sales MoMLowCAD
12:30(Canada) Retail Sales YoYHighCAD
12:30(Canada) Retail Sales Ex Autos MoMHighCAD
12:30(Canada) Retail Sales MoMHighCAD
12:30(Canada) Manufacturing Sales MoMLowCAD
12:30(United States) Non Defense Goods Orders Ex AirLowUSD
12:30(United States) Durable Goods Orders ex Defense MoMHighUSD
12:30(United States) Durable Goods Orders MoMHighUSD
12:30(United States) Durable Goods Orders Ex Transp MoMHighUSD
13:30(United States) Fed Bullard SpeechMediumUSD
13:45(United States) S&P Global Composite PMIMediumUSD
13:45(United States) S&P Global Services PMIHighUSD
13:45(United States) S&P Global Manufacturing PMIHighUSD
14:00(Belgium) Business ConfidenceLowEUR
16:00(United Kingdom) BoE L Mann SpeechMediumGBP
17:00(United States) Baker Hughes Oil Rig CountLowUSD
17:00(United States) Baker Hughes Total Rig CountLowUSD

Today's Scenario: - AUD/USD is currently experiencing its first daily loss in three days, trading around 0.6670 and preparing for a weekly loss. The pair's decline is in line with its status as a risk barometer, and is also due to disappointing economic data from Australia.

Buy Scenario: - If AUD/USD manages to recover, it may encounter resistance at 0.6725 and then at the critical level of 0.6750. If the pair consolidates above 0.6750, it could potentially target further gains towards 0.6770/80, where the 200-period Simple Moving Average is located. Till we do not advise to buy AUD/USD.

Sell Scenario: - For the AUD/USD bears to maintain control, a daily close below the two-week-old ascending support line is necessary, which is currently around 0.6655. Till we do not advise to sell AUD/USD.

Support and Resistance Level: -
SupportResistance
S1 0.6651-R1 0.6736
S2 0.6617-R2 0.6789
S3 0.6565-R3 0.6822

Discussion

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