Key Highlights
- AUD/USD started a fresh decline from the 0.7650 resistance.
- It traded below a major bullish trend line at 0.7530 on the 4-hours chart.
- EUR/USD is consolidating below 1.0850, and GBP/USD is struggling below 1.3080.
- The Canadian CPI could increase 6.1% in March 2022 (YoY).
AUD/USD Technical Analysis
The Aussie Dollar faced a strong resistance near 0.7650 against the US Dollar. AUD/USD traded below the 0.7550 support level to enter a negative zone.
Looking at the 4-hours chart, the pair even traded below a major bullish trend line at 0.7530. There was a close below the 0.7500 level, the 200 simple moving average (green, 4-hours), and the 100 simple moving average (red, 4-hours).
The pair even declined below 0.7400 and tested 0.7340. If the bears remain in action, the pair could extend losses to 0.7300.
The next major support is near the 0.7280 level. Any more losses may perhaps open the doors for a move towards the 0.7220 level.
On the upside, AUD/USD might face resistance near the 0.7400 level and connecting bearish trend line on the same chart. The next major resistance is seen near the 0.7460 level and the 100 simple moving average (red, 4-hours).
Looking at EUR/USD, the pair is showing a lot of bearish signs below 1.0850 and 1.0920. Similarly, GBP/USD is at a risk of more losses below 1.3000.
Economic Releases
- Euro Zone Industrial Production for Feb 2022 (MoM) – Forecast +0.7%, versus 0% previous.
- Canadian Consumer Price Index for March 2022 (MoM) – Forecast +1%, versus +1% previous.
- Canadian Consumer Price Index for March 2022 (YoY) – Forecast +6.1%, versus +5.7% previous.
