Daily Analysis For AUD/USD  24-04-2023

Daily Analysis For AUD/USD 24-04-2023

AUD/USD Analysis
Economic Events and Scenario for AUD/USD
Economic Events : -
06:00(Finland) PPI YoYLowEUR
06:00(Finland) Export Prices YoYLowEUR
06:00(Finland) Import Prices YoYLowEUR
07:00(Lithuania) Industrial Production YoYLowEUR
07:00(Lithuania) Industrial Production MoMLowEUR
09:00(Germany) Ifo Current ConditionsLowEUR
09:00(Germany) Ifo ExpectationsLowEUR
09:00(Germany) Ifo Business ClimateHighEUR
09:00(Switzerland) Myfxbook USDCHF SentimentMediumCHF
09:00(Australia) Myfxbook AUDUSD SentimentMediumAUD
09:00(Japan) Myfxbook USDJPY SentimentMediumJPY
09:00(European Union) Myfxbook EURUSD SentimentMediumEUR
09:00(United Kingdom) Myfxbook GBPUSD SentimentMediumGBP
09:00(Canada) Myfxbook USDCAD SentimentMediumCAD
09:00(New Zealand) Myfxbook NZDUSD SentimentMediumNZD
09:30(Slovenia) Business ConfidenceLowEUR
13:30(Canada) New Housing Price Index MoMMediumCAD
13:30(Canada) New Housing Price Index YoYMediumCAD
13:30(United States) Chicago Fed National Activity IndexMediumUSD
13:30(Canada) Wholesale Sales MoMLowCAD
14:00(Belgium) Business ConfidenceLowEUR
14:00(France) 3-Month BTF AuctionLowEUR
14:00(France) 12-Month BTF AuctionLowEUR
14:00(France) 6-Month BTF AuctionLowEUR
15:30(United States) Dallas Fed Manufacturing IndexMediumUSD
16:30(United States) 3-Month Bill AuctionLowUSD
16:30(United States) 6-Month Bill AuctionLowUSD
17:00(Canada) 3-Year Bond AuctionLowCAD
18:00(El Salvador) Balance of TradeLowUSD

Today's Scenario: - During the Asian session, the AUD/USD pair fell below the key support level of 0.6700. Although it managed to defend the immediate support level of 0.6680, the lack of any meaningful recovery in the Australian dollar is making it vulnerable to further downside pressure. This downside bias is further reinforced by the increasing market expectations for another 25 basis points rate hike by the US Federal Reserve.

Buy Scenario: - The AUD/USD pair needs to surpass the pivot level of $0.6704 to aim for the First Major Resistance Level (R1) at $0.6731. A return to the $0.67 level would indicate a bullish session, but the Aussie Dollar would require risk-on sentiment to support a pre-US session breakout.
If the breakout continues, the AUD/USD pair would likely test the resistance levels of Friday's high at $0.67455 and $0.675, but it may not reach the Second Major Resistance Level (R2) at $0.6772. The Third Major Resistance Level (R3) is at $0.6840. Till we do not advise to buy AUD/USD.

Sell Scenario: - If the pair fails to surpass the pivot level, the First Major Support Level (S1) at $0.6663 would come into play. However, unless there is a sell-off fueled by risk-off sentiment, the AUD/USD pair should avoid dropping below the sub-$0.6650 level and the Second Major Support Level (S2) at $0.6637. The Third Major Support Level (S3) is at $0.6569.Till we do not advise to sell AUD/USD.

Support and Resistance Level: -
S1 0.6661-R1 0.6737
S2 0.6631-R2 0.6783
S3 0.6585-R3 0.6812


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