AUDUSD Analysis

Upcoming key events (GMT+8)

What happened lately

The AUDUSD pair experienced a slight decline on Tuesday, dropping by 0.06% to close at 0.71800. The trading range for the day was between a high of 0.71940 and a low of 0.71490, indicating a period of consolidation in the market. The lack of major economic releases during this period may have contributed to the subdued price action, as traders await more significant data to drive market direction.

Looking ahead, several high-impact economic events are scheduled that could influence the AUDUSD pair. On Wednesday, the Australian Monthly CPI Indicator and the Trimmed Mean CPI, both 12-month measures, are set to be released at 09:30 AM (GMT+8). These inflation indicators will be closely watched as they provide insights into the price stability and economic conditions in Australia.

In the United States, a series of critical events are lined up for Thursday. The Federal Reserve’s Interest Rate Decision and the FOMC Monetary Policy Statement will be released at 02:00 AM (GMT+8), followed by the FOMC Press Conference at 02:30 AM. Later in the day, at 08:30 PM, the PCE Price Index, excluding food and energy, and the GDP annual rate will be reported. These events are expected to have a significant impact on the USD, potentially influencing the AUDUSD pair.

Recent market news highlighted the U.S. GDP annualized flash estimate for Q1, although specific figures were not provided. Additionally, the U.S. Housing Price Index for February showed a revised monthly change of 0.1%, down from an initial 0.2%. These revisions suggest a slight cooling in the housing market, but without further details, the impact on the USD remains unclear.

Overall, the market sentiment surrounding the AUDUSD pair appears cautious, with traders likely positioning themselves ahead of the upcoming high-impact economic releases. The consolidation observed in the price action reflects a wait-and-see approach as market participants anticipate potential volatility from the scheduled events.

What can we expect from AUDUSD today?

The AUDUSD pair is experiencing a mixed outlook today, with a slight decline of 0.06% in its daily performance, closing at 0.71800. Traders should be prepared for potential volatility as the pair navigates between its daily high of 0.71940 and low of 0.71490.

If bullish momentum gains traction, the AUDUSD could test resistance levels at R1: 0.71997. A sustained break above this level may open the path towards R2: 0.72193. The fact that the price is currently above the 9-day EMA could provide additional support for a bullish scenario, although traders should remain cautious given the mixed daily outlook.

Conversely, a bearish scenario could unfold if the pair fails to maintain its position above the daily pivot of 0.71743. A move below this level might lead to a test of the first support at S1: 0.71547, with further downside potential towards S2: 0.71293. The falling stochastic indicator suggests that downward pressure could persist, warranting close attention to these support levels.

Key levels to watch out: