Weekly Technical Outlook: AUD/USD;Market Forecasts for April 11th – April 15th

• Resistance level 0.7676
• Pivot Level 0.7591
• Support Level 0.7410, 0.7307, and 0.7219

Technical Analysis

AUD/USD pair rejected strongly after touching 0.7676 resistance levels thus keeping the negative stability for the upcoming week. We should also note that getting a negative close below 0.7591 levels will reinforce the expectations of reaching our waited target at 0.7307. Price action repeatedly provides a fluctuated bias to keep its negative stability below resistance area. Stochastic settles clearly within the 52.0 areas to support the attempts to gather the negative momentum and confirm the attempt to reach the waited target.

The offered tone surrounding the AUD/USD pair slowly gathers pace with the 0.7676 area that has been a strong resistance area and now has become an important area. With price action signaling a bearish momentum at resistance and producing a strong bearish engulfing bar with a break at lower levels  consolidating below, it could thus open doors for a continuation of the decline. Therefore, a bearish bias will be expected for this week. Additionally, it is important to monitor the price behavior when reaching the targeted level.

Economic

• Home Loans, Investment Lending for Homes for the Aussie
• Westpac Consumer Confidence, Unemployment Rate, Employment Change
• Export Price Index, Import Price Index, Monthly Budget Statement
• Retail Sales, 10-Year Note Auction, Initial Jobless Claims, FOMC Member Powell Speech

Area of Interest

• Strong resistance at 0.7676 area and closed below resistance levels.
• Bearish engulfing bar reversal strongly closing below with rejection on trend line at the resistance area.
• Price action closed below trend line and oscillator below 52.0 levels indicating shift in momentum.
• At Flip Area on Daily time frame resistance levels.

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