22.03.201710:43 Forex Analysis & Reviews: Fundamental analysis of AUD/USD for March 22, 2017

AUD/USD has been in a long leap upwards before bouncing off from the 0.7733 resistance level. Currently, the price id likely to make new lows along the path. Today AUD did not have any major economic event to get a push from other than MI leading Index (0.0% previous vs -0.1% released) and a speech of Assistant Governor Debelle on the key interest rates, which did not quite impress the market participants to buy AUD against USD. Today we have a few pieces of high-impact news on USD that are the Crude Oil Inventories report, which is expected to show an advance of 1.9M (-0.2M previously), and the existing home sales report (5.59 expected vs. 5.69 previous). Ahead of the US statistics, we will experience volatility in the market that might affect AUD in a greater extent.

Now let us look at the technical view. The price has bounced and rejected the buyers off the resistance level 0.7733. After the bounce, there was an impulsive bearish move breaking below the nearest support 0.7690. Currently, we are expecting some retracement towards the new resistance 0.7690 to retest it before we see another downward move towards the 0.76 support level. On the other hand, if the price remains impulsive intradaily and takes out the previous H4 low at 0.7650 with a close below it, we will be looking forward to sell without any retracement towards the resistance.