Market Forecasts for April 20th – April 24th

Weekly Technical Outlook: AUD/USD

  • Stop loss 0.7636
  • Entry level 0.7744
  • First target at 0.7807
  • Next targets to test at 0.7844, 0.7874

audusd-signal-20th april 2 audusd-signal-20th april

Technical Analysis

This pair is sitting right on some recent solid support after a downward movement seen for a long term. Currently the pair looks to rebound to the higher of the ranging levels, with the price action signaling more bullish movement on the pair. Price action on the pair did close above the support levels as seen on the daily time frame for last week.

Consolidation is in place for the week ahead if price manages to stay above the support levels. The pair should test the top of the ranging levels and if the levels are to be broken, this should be an indication of the reversal on the pair after the down-side movement, and a shift in the movement can be seen.

Economic

  • Monetary Policy Meeting Minutes for Aussie on Monday.
  • CPI, Trimmed Mean, Weighted Median along with Westpac Leading on Tuesday.
  • House Price Index for the Dollar on Wednesday.
  • Existing Home Sales – Price.

Area of Interest

  • Current levels have closed above the key support levels.
  • Entry levels at 0.7744 as price action suggest a retest of the support area.
  • Pair is in ranging market for some time on the daily time frame.
  • Key area at 0.7874 at the top of the ranging levels.

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DISCLAIMER: The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase of sale of any currency. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions.

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