AUD/USD Technical Analysis: Touch 0.7100 Then Bearish Mood ... AUD/USD is currently trading at session highs above 0.7055, having neutralized the immediate bearish view with a 0.30 percent gain on Friday.
The bullish doji reversal confirmed on Friday has opened up upside towards at 0.7100. On the Other hand, If Chinese Manufacturing and Non-Manufacturing PMI drop major support 0.7000/0.6990 could test again. Audusd Sell level 0.7150 Area target 0.7010 Area. A break of 0.7075 resistance can lead to 0.7100 to the upside.However, if 0.7075 caps prices, it can lead to a decline to 0.7025 immediate support followed by 0.6990 level.
AUDUSD faces recovery threats though vulnerable medium term. On the upside, resistance lies at the 1.7100 level. A cut through here will turn attention to the 0.7150 level and then the 0.7200 level where a violation will set the stage for a retarget of the 0.7250 level. Support resides at the 0.7000 level where a breach will aim at the 0.6950 level. Below here will set the stage for a run at the 0.6900 level with a cut through here targeting further downside pressure towards the 0.6850 level.
News:
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Meanwhile, U.S. numbers impressed late last week, as the U.S. dollar made broad gains. Durable goods orders climbed 2.7%, crushing the estimate of 0.7%. Core durable goods orders gained 0.4%, marking a 9-month high. This was followed by an initial GDP release of 3.2% in Q1, well above the estimate of 2.2%. This was much stronger than Final GDP for Q4, which came in at 2.2%.
AUD/USD Fundamentals:
Monday (April 29)
8:30 (Feb. Data) – US Core PCE Price Index. Estimate 0.2%
8:30 US Core PCE Price Index. Estimate 0.1%
8:30 (Feb. Data) – US Personal Spending. Estimate 0.2%
8:30 US Personal Spending. Estimate 0.7%
8:30 US Personal Income. Estimate 0.4%
21:00 Chinese Manufacturing PMI. Estimate 50.7
21:30 Australian Private Sector Credit. Estimate 0.3%
Tuesday (April 30)
8:30 US Employment Cost Index. Estimate 0.7%
9:45 US Chicago PMI. Estimate 59.1
10:00 US CB Consumer Confidence. Estimate 126.2
18:30 Australian AIG Manufacturing Index
Daily SMA100 0.7123
Daily SMA200 0.718
Previous Weekly High 0.7155
Previous Weekly Low 0.6988
Previous Monthly High 0.7168
Previous Monthly Low 0.7002
Daily Fibonacci 38.2% 0.7039
Daily Fibonacci 61.8% 0.7025
