Friday’s trade saw AUD/USD within the range of 0.7509-0.7580. The pair closed at 0.7556, soaring 0.71% on a daily basis. It has been the 10th gain in the past 22 trading days. In weekly terms, AUD/USD lost 1.49% of its value during the current week. It has been the 6th drop in the past 14 weeks and also the steepest one since the week ended on January 10th. AUD/USD has depreciated 1.33% so far during the current month, following two consecutive months of gains.
On Monday (April 11th) AUD/USD trading may be influenced by the following macroeconomic report as listed below.
Fundamentals
Australia
Home Loans
At 1:30 GMT on Monday Australias Bureau of Statistics is to report on the number of home loans issued in February. In January loans were 3.9% fewer, or the steepest monthly decline since May 2015, following a revised up 2.7% increase in December 2015. In case home loans tend to increase in number, this usually suggests improving consumer sentiment and therefore, has a limited-to-moderate bullish effect on the Aussie.
Correlation with other Majors
Taking into account the week ended on April 8th and the daily closing levels of the currency pairs involved, we come to the following conclusions in regard to the strength of relationship:
AUD/USD to NZD/USD (0.9877, or very strong)
AUD/USD to GBP/USD (0.7291, or strong)
AUD/USD to EUR/USD (0.6986, or strong)
AUD/USD to USD/JPY (0.6847, or strong)
AUD/USD to USD/CHF (0.4981, or moderate)
AUD/USD to USD/CAD (-0.3216, or moderate)
1. During the examined period AUD/USD moved almost equally in one and the same direction with NZD/USD. The correlation between these two pairs was almost perfect.
2. AUD/USD moved strongly in one and the same direction with USD/JPY, EUR/USD and GBP/USD during the week.
3. The correlation between AUD/USD and USD/CHF, AUD/USD and USD/CAD was moderate.
Daily and Weekly Pivot Levels
By employing the traditional calculation method, the Monday pivot levels for AUD/USD are presented as follows:
Central Pivot Point – 0.7548
R1 – 0.7588
R2 – 0.7619
R3 – 0.7659
S1 – 0.7517
S2 – 0.7477
S3 – 0.7446
By using the traditional method of calculation again, the weekly pivot levels for AUD/USD are presented as follows:
Central Pivot Point – 0.7576
R1 – 0.7659
R2 – 0.7763
R3 – 0.7846
S1 – 0.7472
S2 – 0.7389
S3 – 0.7285
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