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Technical Outlook

  

-AUDUSD is trading in a downtrend and is near the support $0.667278

-XAUUSD shows bullish sentiment and is to break the latest swing high, giving the traders a good opportunity to go LONG.

AUSTRALIA  (AUD): RBA Interest Rate Decision

Reserve Bank of Australia (RBA) board members come to a consensus on where to set the rate. Traders watch interest rate changes closely as short term interest rates are the primary factor in currency valuation.  Australia’s interest rate is currently set at 3.60%.

The report is due Tuesday, 4 April at 04:30 GMT

AUDUSD Technical Analysis:

AUDUSD does not have a clear trend. Although the price movement was in an uptrend from Oct 14th, 2022, showing consistent higher high and higher low formation. On Feb 2nd, 2023, the price formed its swing high and started to trade down.

There was a moving average crossover that formed a golden cross signaling the prices may trade higher. However, the MA crossover did not much affect the price, and instead, the bear became more powerful and in control.

After moving in the bearish channel, the price is now near a support zone, with the 50 and 200MA being above the price. The RSI line is at 50.09. This scenario here signifies bearish pressure. However, the traders must wait for the successful break of the support for better confirmation.

Pivot Points: AUDUSD

  Support  Resistance
S10.6673R10.6731
S20.6637R20.6755
S30.6614R30.6790

USA (USD): NONFARM PAYROLLS

Nonfarm Payrolls measures the change in the number of people employed during the previous month, excluding the farming industry. Job creation is the foremost indicator of consumer spending, which accounts for the majority of economic activity. Last month’s NFP was 311K, better than the forecast of 205K.

The report is due Friday, 7 April at 12:30 GMT

XAUUSD Technial Analysis:

XAUUSD is moving in an uptrend. The 50-moving average crossing above the 200-moving average formed a golden cross on Jan 11th, 2023. The price has been up since then until Feb 2nd, when a large engulfing candle pushed the price below to a new swing low level of $1808.94.

The level of $1808.09 is now acting as a major support. The price here touched the level twice, also forming a double bottom pattern. After the second touch, the sellers could not push below the zone, and buyers jumped in, dragging the price up by 11.12%.

The price has been in an uptrend again, trading inside the bullish channel. Currently, the new swing high is at $2009.84. A new line of support is holding the price at $1952.18. The RSI level is at 59.98, showing slightly overbought dominance. The traders can go for a BUY call if the price breaks the new swing high at $2009.84 by aligning with other confluence. Traders also need to keep in mind that until the new support is breached, the price is still in the uptrend. However, if the price breaks below the support at $1808.94, traders may go for SELL.

Pivot Points: XAUUSD

Support Resistance
S11963.00R11991.50
S21943.70R22002.70
S31932.50R32021.00

Vantage does not represent or warrant that the material provided here is accurate, current, or complete, and therefore should not be relied upon as such. The information provided here, whether from a third party or not, is not to be considered as a recommendation; or an offer to buy or sell; or the solicitation of an offer to buy or sell any financial instruments; or to participate in any specific trading strategy. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. We advise any readers of this content to seek their own advice. Without the approval of Vantage, reproduction or redistribution of this information is not permitted.

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