AUDUSD ends April with strong gains, up 4.33%
AUDUSD Analysis
| Performance after Thursday | |||
| Period | Pct | Chg | Momentum |
| Thursday | 1.17% | 83.0 Pips | ▲ |
| Week to-date | 0.71% | 51.0 Pips | ▲ |
| April | 4.33% | 299.0 Pips | ▲ |
Upcoming key events (GMT+8)
| Time (GMT+8) | Currency | Impact | Event |
| Fri 10:00 PM | USD | HIGH | ISM Manufacturing PMI | Apr |
What happened lately
The AUDUSD pair experienced a notable rise on Thursday, climbing 1.17% to reach 0.71990, with a high of 0.72030 and a low of 0.71070. This upward movement marks a significant end to April, with the pair appreciating by 4.33% or 299.0 pips over the month. The recent price action reflects a positive sentiment towards the Australian dollar against the US dollar.
In terms of economic data, the previous trading day saw several key releases from the United States. The Federal Reserve’s Interest Rate Decision maintained the Federal Funds Rate at 3.75%, aligning with market expectations. Additionally, the PCE Price Index, excluding food and energy, showed a 0.3% increase month-on-month and a 3.2% rise year-on-year, both meeting consensus forecasts. However, the US GDP annual rate came in slightly below expectations at 2%, compared to the anticipated 2.3%, though it showed a significant improvement from the previous rate of 0.5%.
Looking ahead, market participants will be closely monitoring the upcoming ISM Manufacturing PMI for April, scheduled for release at 10:00 PM GMT+8. This high-impact event could provide further insights into the US economic outlook and potentially influence the AUDUSD pair.
Overall, the recent appreciation of the Australian dollar against the US dollar suggests a positive market sentiment, despite the mixed economic data from the US. Traders in Southeast Asia should remain attentive to upcoming data releases and market developments to navigate potential volatility in the forex market.
What can we expect from AUDUSD today?
Today, the AUDUSD pair continues to exhibit a bullish outlook, having closed 1.17% higher at 0.71990. With the price trading above the 9-day EMA and a rising stochastic, traders are closely watching for further upward momentum.
📈 Bull Scenario In a bullish scenario, a sustained move above the daily pivot of 0.71697 could trigger further gains. Traders should monitor the resistance levels at R1: 0.72323 and R2: 0.72657, as breaking through these levels may indicate continued strength in the pair. The overall bullish weekly outlook supports potential upward movements. | 📉 Bear Scenario Conversely, a bearish scenario may unfold if the pair fails to maintain its position above the daily pivot. A decline towards the support levels at S1: 0.71363 and S2: 0.70737 could suggest a reversal of the current bullish trend. Traders should be cautious of any downward pressure that might challenge the current positive sentiment. |
Key levels to watch out:
| R3 | 0.73283 |
| R2 | 0.72657 |
| R1 | 0.72323 |
| Daily Pivot | 0.71697 |
| S1 | 0.71363 |
| S2 | 0.70737 |
| S3 | 0.70403 |
