Daily Analysis For AUD/USD 24-05-2023

Daily Analysis For AUD/USD 24-05-2023

AUD/USD Analysis
AUD/USD
Economic Events and Scenario for AUD/USD
Economic Events : -
GMTEventImpactCurrency
00:00(Japan) Reuters Tankan IndexMediumJPY
01:00(Ecuador) The Battle of PichinchaNoneUSD
02:00(Australia) Westpac Leading Index MoMLowAUD
03:00(New Zealand) RBNZ Interest Rate DecisionMediumNZD
04:00(East Timor) Inflation Rate YoYLowUSD
04:00(East Timor) Inflation Rate MoMLowUSD
04:00(New Zealand) RBNZ Press ConferenceMediumNZD
06:00(Finland) Export Prices YoYLowEUR
06:00(Finland) Import Prices YoYLowEUR
06:00(Finland) PPI YoYLowEUR
06:00(Finland) Unemployment RateLowEUR
07:00(United Kingdom) Core Inflation Rate MoMLowGBP
07:00(United Kingdom) PPI Output YoYLowGBP
07:00(United Kingdom) PPI Input YoYLowGBP
07:00(United Kingdom) PPI Input MoMLowGBP
07:00(United Kingdom) PPI Output MoMLowGBP
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) PPI Core Output YoYLowGBP
07:00(United Kingdom) PPI Core Output MoMLowGBP
07:00(United Kingdom) Retail Price Index YoYLowGBP
07:00(United Kingdom) Retail Price Index MoMLowGBP
08:00(Euro Area) ECB Non-Monetary Policy MeetingMediumEUR
08:10(Australia) RBA Jacobs SpeechMediumAUD
09:00(Germany) Ifo ExpectationsLowEUR
09:00(Germany) Ifo Current ConditionsLowEUR
09:00(Germany) Ifo Business ClimateHighEUR
10:30(Germany) 15-Year Bund AuctionLowEUR
10:30(United Kingdom) BoE Gov Bailey SpeechMediumGBP
11:00(United Kingdom) CBI Industrial Trends OrdersMediumGBP
12:00(United States) MBA 30-Year Mortgage RateMediumUSD
12:00(United States) MBA Mortgage ApplicationsLowUSD
12:00(United States) MBA Mortgage Refinance IndexLowUSD
12:00(United States) MBA Mortgage Market IndexLowUSD
12:00(United States) MBA Purchase IndexLowUSD
14:00(Belgium) Business ConfidenceLowEUR
15:30(United States) EIA Refinery Crude Runs ChangeLowUSD
15:30(United States) EIA Crude Oil Stocks ChangeMediumUSD
15:30(United States) EIA Heating Oil Stocks ChangeLowUSD
15:30(United States) EIA Distillate Stocks ChangeLowUSD
15:30(United States) EIA Gasoline Production ChangeLowUSD
15:30(United States) EIA Crude Oil Imports ChangeLowUSD
15:30(United States) EIA Gasoline Stocks ChangeMediumUSD
15:30(United States) EIA Cushing Crude Oil Stocks ChangeLowUSD
15:30(United States) EIA Distillate Fuel Production ChangeLowUSD
16:30(United States) 17-Week Bill AuctionLowUSD
16:30(United States) 2-Year FRN AuctionLowUSD
17:00(Canada) 10-Year Bond AuctionLowCAD
17:10(United States) Fed Waller SpeechMediumUSD
18:00(United States) 5-Year Note AuctionLowUSD
18:45(Euro Area) ECB President Lagarde SpeechMediumEUR
19:00(United States) FOMC MinutesHighUSD
Today's Scenario: - AUD/USD is under continued pressure, trading around the 0.6600 level as market sentiment deteriorates in early Wednesday trading in Asia. The concerns over a potential US default and the anticipation of a hawkish stance from the Federal Reserve, ahead of the release of the Fed Minutes, are contributing to the negative sentiment. Additionally, the mixed Australian economic data, in contrast to the relatively stronger US PMIs, is posing a challenge for the Aussie pair. However, there is some support for the pair due to hopes that US policymakers will find a solution to avoid a default.
US House Speaker Kevin McCarthy recently stated, as reported by Reuters, that there will be no deal on the debt ceiling extension today, but there is optimism for an agreement before June 1. Earlier, news emerged from Washington that the US Treasury had approached multiple agencies to inquire about the possibility of delaying payment demands.
Buy Scenario: - For the bulls to regain control in the AUD/USD pair, they would need to break the resistance of the trendline. A move towards the 50% mean reversion area would be a positive initial step, followed by a potential test of the 61.8% ratio, which could potentially propel the bulls beyond their desired outcome. Till we do not advise to buy AUD/USD.
Sell Scenario: - If the bears gain strength during a correction, particularly near the bearish trendline, there is a possibility of breaking the support level and extending the downward move towards 0.6570 in the near term. Till we do not advise to sell AUD/USD.
Support and Resistance Level: -
SupportResistance
S1 0.6591-R1 0.6645
S2 0.6572-R2 0.6681
S3 0.6536-R3 0.6700

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