AUDUSD Weekly Forecast| 17th April 2023
Fundamental Backdrop
1. Last week, the Employment Change was better than expected which shows that consumer spending have improved.
2. The Unemployment Rate maintained at 3.5% which shows the economic health is stabilizing.
3. These news events caused the AUD to rise towards 0.68 key resistance level before dropping back down to 0.67 by the end of the week due to the significant bullish FOMC news event which caused the DXY to strengthen.
4. This week we have the NZD CPI q/q which is expected to improved. NZD news events closely affects the AUD. This shows that inflation is rising and could lead the central bank to raise interest rates. We could see the AUD retest the 0.68 resistance level.
Technical Confluences
1. Near-term support at 0.66740
2. Resistance at 0.67850
Idea
The sentiments for AUD this week is relatively bullish. We could see price retest the near-term support at 0.66740, before heading towards the resistance at 0.67850
NOT FINANCIAL ADVICE DISCLAIMER
The trading related ideas posted by OlympusLabs are for educational and informational purposes only and should not be considered as financial advice. Trading in financial markets involves a high degree of risk, and individuals should carefully consider their investment objectives, financial situation, and risk tolerance before making any trading decisions based on our ideas.
We are not a licensed financial advisor or professional, and the information we are providing is based on our personal experience and research. We make no guarantees or promises regarding the accuracy, completeness, or reliability of the information provided, and users should do their own research and analysis before making any trades.
Users should be aware that trading involves significant risk, and there is no guarantee of profit. Any trading strategy may result in losses, and individuals should be prepared to accept those risks.
OlympusLabs and its affiliates are not responsible for any losses or damages that may result from the use of our trading related ideas or the information provided on our platform. Users should seek the advice of a licensed financial advisor or professional if they have any doubts or concerns about their investment strategies.
1. Last week, the Employment Change was better than expected which shows that consumer spending have improved.
2. The Unemployment Rate maintained at 3.5% which shows the economic health is stabilizing.
3. These news events caused the AUD to rise towards 0.68 key resistance level before dropping back down to 0.67 by the end of the week due to the significant bullish FOMC news event which caused the DXY to strengthen.
4. This week we have the NZD CPI q/q which is expected to improved. NZD news events closely affects the AUD. This shows that inflation is rising and could lead the central bank to raise interest rates. We could see the AUD retest the 0.68 resistance level.
Technical Confluences
1. Near-term support at 0.66740
2. Resistance at 0.67850
Idea
The sentiments for AUD this week is relatively bullish. We could see price retest the near-term support at 0.66740, before heading towards the resistance at 0.67850
NOT FINANCIAL ADVICE DISCLAIMER
The trading related ideas posted by OlympusLabs are for educational and informational purposes only and should not be considered as financial advice. Trading in financial markets involves a high degree of risk, and individuals should carefully consider their investment objectives, financial situation, and risk tolerance before making any trading decisions based on our ideas.
We are not a licensed financial advisor or professional, and the information we are providing is based on our personal experience and research. We make no guarantees or promises regarding the accuracy, completeness, or reliability of the information provided, and users should do their own research and analysis before making any trades.
Users should be aware that trading involves significant risk, and there is no guarantee of profit. Any trading strategy may result in losses, and individuals should be prepared to accept those risks.
OlympusLabs and its affiliates are not responsible for any losses or damages that may result from the use of our trading related ideas or the information provided on our platform. Users should seek the advice of a licensed financial advisor or professional if they have any doubts or concerns about their investment strategies.
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.