Share
- Private Sector Credit: Tuesday, 0:30. Borrowing by consumers and businesses rose to 0.3% in January, its best showing since March 2019. Another gain of 0.3% is expected in the upcoming release.
- Chinese Manufacturing PMI: Tuesday, 1:00. The CORVID-19 outbreak caused a massive slump in manufacturing in February, as the PMI plunged to 35.7 points. This was down from 50.0 in January and well below the estimate of 45.1 points. The index is projected to improve to 44.9, which still points to contraction.
- AIG Manufacturing Index: Tuesday, 21:30. The index has registered four straight readings below the 50-level, which separates expansion from contraction. In January, the index slowed to 44.3, its lowest level since May 2015. We will now receive the February reading.
- Building Approvals: Wednesday, 0:30. The indicator plummeted by 15.3% in January, indicative of contraction in the construction sector. This reading comes after a small decline of 0.2% a month earlier. Analysts had forecast a gain of 1.1%. The February reading stands at 3.1%.
- AIG Construction Index: Thursday, 9:30. The index remains mired in contraction territory, but did improve in February to 42.7, up from 41.3 points. Will we see another reading in contraction territory?
- Final Retail Sales: Friday, 0:30. Australia began reporting Preliminary Retail Sales for the first time in March, with a reading of 0.4%. Final Retail Sales is expected to confirm the initial reading.
.
AUD/USD Technical Analysis
Technical lines from top to bottom:
With AUD/USD registering sharp gains last week, we start at higher levels:
0.6456 has held in resistance since mid-March.
0.6380 (mentioned last week) is next. Until mid-March, the line had held in support since 2009.
0.6240 is next.
0.6150 is an immediate support level.
The round number of 0.6000, which has psychological significance, is next.
0.5920 has some breathing room after strong gains by AUD/USD last week.
0.5800 is the final support level for now.
.