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Some major economic news event scheduled this week, as such an important week ahead for Australian Dollar. First we have RBA interest rate announcement on Tuesday, followed by Trade Balance numbers on Thursday and finally RBA Monetary Policy Statement on Friday. From fundamental perspective the price action would be influenced by RBA Statement and economic numbers, however technical perspective would give us an indication as to which side is dominant.
From Daily charts it is quite evident that sellers are in dominant position and pushing price lower since 3rd week of March. However, this down move seems to be losing momentum and we are seeing buying interest around 0.7470 to 0.7430. After a bullish move today on low volume, it would be interesting to observe price action tomorrow when all markets are opened.
I am favoring bullish price action in coming days and a retest of 0.7750 level could not be ruled out. However, the up move may not be impulsive but rather a slow rise.
From Daily charts it is quite evident that sellers are in dominant position and pushing price lower since 3rd week of March. However, this down move seems to be losing momentum and we are seeing buying interest around 0.7470 to 0.7430. After a bullish move today on low volume, it would be interesting to observe price action tomorrow when all markets are opened.
I am favoring bullish price action in coming days and a retest of 0.7750 level could not be ruled out. However, the up move may not be impulsive but rather a slow rise.
