Video Analysis 2
A relatively light data week for the Australian Economy, with HIA New Home Sales on Tuesday and also the AIFG Manufacturing Index. The main domestic focus will likely be on Building Approvals Wednesday and the Trade Balance on Thursday.
The global focus will on the US Employment report due on Friday. The risk is for an explosive move on Good Friday, with many global markets closed due to the Easter Holiday on this day.
AUDUSD negative technical tone within a range
A negative tone to the consolidation phase the end of last week with a push through the .7815/00 support area, to also hit our target area, .7764/63.
This has seen a shift back to a more neutral, broader range environment into early April, but the Weekly Gravestone Doji/ Shooting Star leaves a negative bias.
- We see a downside bias for .7735/30; break here aims for .7662.
- But above .7810 opens risk up to .7886, maybe .7906.
Short/ Intermediate-term Range Parameters: We see the range defined by .7939 and .7591.
Range Breakout Challenge
- Downside: Below .7591 sees risk lower for .7560 and .7500.
- Upside: Above .7939 aims higher for .8027 and .8235/96.
2 Hour Chart