Fundamental view

AUD/USD had upward correction last week. Chinese official PMI report are scheduled this Tuesday, Positive reports could give some vigor to AUD/USD.

Stock and Gold price advanced gave some vigor AUD last week. But latest RBA statement was clearly dovish. RBA is going to cut rate at May and June.

US GDP report came positive but consumer spending dropped. US-CHINA trade talk are still on the card. Market is expecting something good. There is no market mover data today for AUD. Tomorrow China will release official Manufacturing and Non-Manufacturing PMI for April. Manufacturing and Non-Manufacturing PMI both data forecast better than previous. Positive reports could give some upside room for AUD/USD.

Technical View

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.


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