Published on Mar 29, 2023

Daily Analysis For AUD/USD 29-03-2023

AUD/USD Analysis

Economic Events and Scenario for AUD/USD

Economic Events : -

GMT	Event	Impact	Currency
01:30	(Australia) Monthly CPI Indicator	High	AUD
07:00	(Germany) GfK Consumer Confidence	High	EUR
07:45	(France) Consumer Confidence	Medium	EUR
08:00	(Euro Area) ECB Non-Monetary Policy Meeting	Medium	EUR
09:00	(Austria) Bank Austria Manufacturing PMI	High	EUR
09:00	(Switzerland) Economic Sentiment Index	Low	CHF
09:00	(Germany) Bundesbank Balz Speech	Low	EUR
09:30	(Slovenia) Retail Sales MoM	Low	EUR
09:30	(Slovenia) Retail Sales YoY	Low	EUR
09:30	(United Kingdom) Net Lending to Individuals MoM	Low	GBP
09:30	(United Kingdom) BoE Consumer Credit	Medium	GBP
09:30	(United Kingdom) Mortgage Approvals	Medium	GBP
09:30	(United Kingdom) Mortgage Lending	Medium	GBP
10:00	(Malta) PPI YoY	Low	EUR
10:10	(Italy) 6-Month BOT Auction	Low	EUR
10:10	(Italy) 12-Month BOT Auction	Low	EUR
10:30	(United Kingdom) BoE Financial Policy Summary and Record	Medium	GBP
11:00	(Latvia) Retail Sales YoY	Low	EUR
11:00	(Latvia) Retail Sales MoM	Low	EUR
12:00	(United States) MBA 30-Year Mortgage Rate	Medium	USD
12:00	(United States) MBA Mortgage Applications	Low	USD
12:00	(United States) MBA Mortgage Market Index	Low	USD
12:00	(United States) MBA Mortgage Refinance Index	Low	USD
12:00	(United States) MBA Purchase Index	Low	USD
14:00	(Switzerland) SNB Quarterly Bulletin	Low	CHF
15:00	(United States) Pending Home Sales MoM	Medium	USD
15:00	(United States) Pending Home Sales YoY	Medium	USD
15:00	(United States) Fed Barr Testimony	Medium	USD
15:30	(United States) EIA Refinery Crude Runs Change	Low	USD
15:30	(United States) EIA Crude Oil Stocks Change	Medium	USD
15:30	(United States) EIA Heating Oil Stocks Change	Low	USD
15:30	(United States) EIA Gasoline Production Change	Low	USD

Today's Scenario: - The AUD/USD pair is currently trying to hold above the 0.6700 level after recovering some of the losses it suffered due to weaker-than-expected monthly inflation data from Australia. The US dollar is facing resistance in its attempts to continue its recent rebound, as market sentiment improves with easing concerns over the global banking sector. Investors are now closely monitoring the release of US economic data and speeches by Federal Reserve officials for further direction.

Buy Scenario: - AUD/USD has rebounded from the upward-sloping trendline of the Symmetrical Triangle chart pattern that began on March 10 at 0.6564. The downward-sloping trendline of the chart pattern, which started on March 01 at 0.6784, is acting as a resistance. The 20-period Exponential Moving Average (EMA) at 0.6686 is currently acting as a support for the Australian Dollar.

The Relative Strength Index (RSI) with a period of 14 is in the bullish range of 60.00-80.00, indicating that the bulls are in control. If AUD/USD breaks above the March 13 high at 0.6717, the bulls could drive the pair further towards the March 07 high at 0.67478, followed by the horizontal resistance from the February 23 low at 0.6781. Till we do not advise to buy AUD/USD.

Sell Scenario: - However, if the AUD/USD pair fails to hold above the upward-sloping trendline of the Symmetrical Triangle chart pattern and breaks below the March 15 low at 0.6564, it could lead to a further decline towards the October 4 high at 0.6547 and the psychological support level at 0.6500. Traders should closely monitor these levels for potential bearish movements in the pair. Till we do not advise to sell AUD/USD.

Support and Resistance Level: -