AUDUSD consolidates with slight decline to 0.71600
AUDUSD Analysis
| Performance after Thursday | |||
| Period | Pct | Chg | Momentum |
| Thursday | -0.11% | -8.0 Pips | ▼ |
| Week to-date | 1.42% | 100.0 Pips | ▲ |
| April | 3.77% | 260.0 Pips | ▲ |
Upcoming key events (GMT+8)
No major events for the day.
What happened lately
The AUDUSD pair experienced a slight decline of 0.11% on Thursday, closing at 0.71600. The pair’s price action remains in a consolidation phase, with a high of 0.71970 and a low of 0.71500. Despite the modest movement, the market appears to be digesting recent economic data releases and adjusting to the current sentiment.
Key economic data from Australia included the Labour Force Monthly Employment Change, which reported an actual increase of 48.9K in March. Additionally, Australia’s Survey of Consumer Inflationary Expectations rose to 5.9% in April from 5.2% in March, indicating rising inflationary pressures. Full-time employment saw a significant increase to 52.5K, recovering from a previously revised figure of -27.7K. However, the participation rate slightly decreased to 66.8% from 66.9%, and part-time employment fell by 34.6K in March.
In the United States, the New York Empire State Manufacturing Index showed a positive shift, increasing to 11 points in April from -0.2 points in March. The U.S. Initial Unemployment Insurance Claims also decreased to 207K for the week ending April 11, down from 219K. Furthermore, the U.S. Manufacturing Business Outlook Survey improved to 26.7 points in April from 18.1 points in March, reflecting a more optimistic manufacturing sector outlook. However, U.S. Industrial Production remained unchanged at 0.2% in March, with a previous month’s revision from 0.2% to 0.7%.
No major upcoming events are scheduled that could potentially impact the AUDUSD pair in the immediate future. The overall market sentiment appears to be cautiously optimistic, with mixed signals from both Australian and U.S. economic data. The consolidation in the AUDUSD pair suggests that traders are awaiting further clarity on economic trends and potential shifts in market dynamics.
What can we expect from AUDUSD today?
The AUDUSD pair is exhibiting a mixed outlook today, with a slight decline of 0.11% in the previous session, closing at 0.71600. Despite this, the pair remains above the 9-day EMA, suggesting potential bullish momentum in the short term.
📈 Bull Scenario A bullish scenario for AUDUSD could be triggered if the pair manages to break above the daily pivot of 0.7169. Traders should watch for a move towards the first resistance level at 0.7188, with further upside potential targeting the second resistance at 0.7216. The rising stochastic in the overbought zone indicates that the bullish momentum could continue if these resistance levels are breached. | 📉 Bear Scenario Conversely, a bearish scenario may unfold if the AUDUSD falls below the daily pivot, with initial support found at 0.7141. A breach of this level could lead to further downside pressure, targeting the second support at 0.7122. The mixed daily outlook suggests caution, as the pair may experience volatility around these support levels. |
Key levels to watch out:
| R3 | 0.7235 |
| R2 | 0.7216 |
| R1 | 0.7188 |
| Daily Pivot | 0.7169 |
| S1 | 0.7141 |
| S2 | 0.7122 |
| S3 | 0.7094 |
