AUDUSD Fundamental & Technical Analysis (April 9, 2013)

The Aussie had a week with ups and downs,  but the last week closed with the domination of the bears against the bulls. ¿Will the bears continuing to maintain control over the AUDUSD for this week?

The AUDUSD found support at the 200 day moving average, causing there a bullish rebound, which is leading to attempt a breakout of resistance at 1.0405. If breaks it, the AUDUSD could visit the next resistance at 1.0457. The Aussie has a strong support level on the downside, around the 1.0350 level, which, if it does break, the Aussie could fall to 1.0318 level. The MACD indicator is in negative territory, supporting a bearish outlook for this pair but we must caution against any major news affecting the AUDUSD, during this week.

In the fundamental outlook, at 02:30 GMT, will be published the NAB Business Confidence, which has a previous reading of one and at the same time, will be published in China, the Chinese CPI, which has a previous reading of 3.2% and a forecast of 2.4%. If the current reading is higher than forecasted, it could generate upward movements in the AUDUSD during that time, because any economic news in China, affects to the Australian economy.

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