Fundamental view:

The Australian dollar fell during the week reaching to the 0.76 level. The dollar is in uptrend as greenback has been building on infrastructure plans to rise, and more data are due in the upcoming week along with  the all-important Nonfarm Payrolls report. Greenback remains strong even though there was a fall in yield. The world’s reserve currency has been benefiting from US President Joe Biden massive $3 billion infrastructure plan.

US Durable Goods Orders on 24^th March and US EIA Natural Gas Storage Change on 25^th March favored uptrend for the pair whereas US Existing Home Sales on 22^nd March and US Wholesale Inventories on 26^th March favored downtrend for the pair.

The major economic events deciding the movement of the pair in the next week are US CB Consumer Confidence Index at Mar 30, RBA Private Sector Credit monthly report, US ADP Nonfarm Employment Change at Mar 31, Australia Retail Sales monthly report, US Initial Jobless Claims, US ISM Manufacturing PMI, OPEC Meeting at April 01 and US Nonfarm Payrolls at April 02.

AUD/USD Weekly outlook:

Technical View:

Last week’s high was 1.18% lower than the previous week. Maintaining high at 0.7757 and low at 0.7563 showed a movement of 194 pips.

In the upcoming week we expect AUD/USD to show a bearish trend.  The currency pair is trading below the 200 Simple Moving Average and the MACD trades to the downside. A solid breakout below 0.7546 may open a clean path towards 0.7457 and may take a way down to 0.7352. Should 0.7740 prove to be unreliable resistance, the AUDUSD may raise upwards 0.7845 and 0.7934 respectively. In H4 chart bearish shark pattern favors prospects of a bearish trend. Also to be noted shooting star formation exerts the expectation of downtrend for the pair.