AUDUSD Fundamental & Technical Analysis (April 5, 2013)

At yesterday’s session, economic data were published (Building Approvals and Retail Sales), giving a bullish momentum to the AUDUSD in the early hours of the day, because the readings were positive for the aussie, but the bullish momentum was slowed in the final hours of the session.

The AUDUSD is respecting the uptrend line on the daily chart, bouncing off the support of 1.0406. To support our bullish scenario in the aussie, the AUDUSD would bounce off the support at 1.0406, and look for buy orders with objectives to the resistance at 1.0483. This hypothesis will be invalidated if the AUDUSD make a breakout in the support at 1.0406 and a breakout in the trend line, to fall to the support at 1.0345.

The MACD indicator is in negative territory, which supports a bearish outlook on the AUDUSD, but be cautious today at 13:30 GMT, because will be published the monthly U.S. Non-Farm Employment Change (NFP), Which has a previous reading of at 236K and 198K to forecast. If the current reading is less than forecast, the AUDUSD may have upward movements.

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