AUD/USD posted strong gains last week, climbing about 150 points. The pair closed at 0.9245. This week’s highlights are the Cash Rate and Retail Sales. Here is an outlook on the major market-movers and an updated technical analysis for AUD/USD. Australian data was uneventful last week, as the RBA maintained interest rates at 2.50%. RBA head Glenn Stevens did note that the Aussie’s recent improvement is not to the Bank’s liking, since it is impeding economic growth. In the US, Non-farm Employment Change improved in March but fell short of expectations. The Aussie challenged the 0.93 cap several times without success. [do action=”autoupdate” tag=”AUDUSDUpdate”/]AUD/USD graph with support and resistance lines on it. Click to enlarge: HIA New Home Sales: Monday, Tentative. New Home Sales is an important gauge of consumer spending, as a new home is likely the largest item that a consumer will purchase. The indicator bounced back last month with a respectable gain of 0.5%. Private Sector Credit: Monday, 00:30. This indicator is an important gauge of consumer spending, as borrowing by consumers usually translates into consumer spending. The indicator posted a gain of 0.4% last month, and this is the estimate for the upcoming release. AIG Manufacturing Index: Monday, 22:30. The index remains under the 50-point level, indicating ongoing contraction in the manufacturing sector. The indicator came in at 48.6 points last month, markets will be hoping for an improvement in the February release. Chinese Manufacturing PMI: Tuesday, 1:00. Key Chinese indicators can have a significant impact on AUD/USD, as China is Australia’s most important trading partner. The index has been posting releases just above the 50 line, which separates expansion from contraction. The indicator came in at 50.2 points last month, and a similar reading is expected in the upcoming release. Chinese HSBC Final Manufacturing PMI: Tuesday, 1:45. This PMI follows last week’s HSBC Flash Manufacturing PMI, which missed the estimate, coming in at 48.1 points. The markets are expecting a similar result from the Final release, with the estimate standing at 48.5 points. Cash Rate: Tuesday, 3:30. The benchmark interest rate has remained at 2.50% since last August. This rate is at a historic low, and the RBA has stated that it does not expect to alter the rate in the near future. The RBA will announce its decision in a Rate Statement. Commodity Prices: Tuesday, 5:30. Commodity Prices continues post larger declines, as global demand for Australian exports remains weak. The indicator came in at -12.9% last month, its worst showing since October 2012. Building Approvals: Wednesday, 00:30. The indicator posted an excellent gain of 6.8% last month, reversing three consecutive declines. However, the markets are expecting another decline, with the estimate standing at -1.7%. AIG Services Index: Wednesday, 22:30. Services Index crossed above the 50 line last month, for the first time in two years. The indicator jumped to 55.2 points. The 50-point level separates contraction from expansion. Retail Sales: Thursday, 00:30. Retail Sales is the primary gauge of consumer spending, and one of the most important economic indicators. The indicator jumped to 1.2% last month, easily beating the estimate of 0.5%. The estimate for the March estimate stands at 0.4%. Trade Balance: Thursday, 00:30. Trade Balance has posted two straight surpluses after a host of declines. The previous release came in at $1.43 billion, crushing the estimate of $0.11 billion. The estimate for the upcoming release stands at $0.82 billion. RBA Governor Glenn Stevens Speaks: Thursday, 2:00. Stevens will address an event in Brisbane. Analysts will be looking for any hints with regard to the RBA’s future monetary policy. *All times are GMT. AUD/USD Technical Analysis AUD/USD opened the week at 0.9093 and dropped to a low of 0.9045. The pair then reversed directions, climbing all the way to 0.9295, breaking support at 0.9283 (discussed last week). AUD/USD closed at 0.9245. Live chart of AUD/USD: [do action=”tradingviews” pair=”AUDUSD” interval=”60″/] Technical lines from top to bottom: With the Aussie posting strong gains, we begin at higher ground: There is resistance at the round number of 0.9700, which has held firm since October 2013. 0.9526 provided key resistance in November 2013 and has remained intact since that time. 0.9442 marked the high point of the pair in November, which saw the Aussie go on a sharp slide and drop below the 0.89 line. This is followed by resistance at 0.9368, which was an important line in mid-November. Next, there is resistance at 0.9283. This line saw a lot of action in the months of June and July, alternating between resistance and support roles. It was briefly breached last week and is currently a weak resistance line. 0.9180 has switched to a support role as the Aussie moves higher. This line had remained intact since late November. We find support for the pair at 0.9000, which remained intact as the Aussie retracted from some early gains. This key line is not strong and could see action early in the week. 0.8893 is the next support line. 0.8728 marks the low point of an Aussie rally which began in early February and pushed above the 0.90 level. The final support level for now is 0.8578, which has remained intact since July 2010. I am bearish on AUD/USD. The RBA has not been shy about the fact that it wants to see the Aussie under the 0.90 line, and we can expect the RBA to continue to “talk down” the currency. Market sentiment remains positive about the US economy, and the US dollar has room to move higher if US numbers don’t disappoint. For a broad view of all the week’s major events worldwide, read the USD outlook. For EUR/USD, check out the Euro to Dollar forecast. For the Japanese yen, read the USD/JPY forecast. For GBP/USD (cable), look into the British Pound forecast. For the Australian dollar (Aussie), check out the AUD to USD forecast. USD/CAD (loonie), check out the Canadian dollar. Kenny Fisher Kenny Fisher Kenny Fisher - Senior Writer A native of Toronto, Canada, Kenneth worked for seven years in the marketing and trading departments at Bendix, a foreign exchange company in Toronto. Kenneth is also a lawyer, and has extensive experience as an editor and writer. Kenny's Google Profile View All Post By Kenny Fisher AUD/USD ForecastMinorsWeekly Forex Forecasts share Read Next EURUSD: Vulnerable With Caution FX Tech Strategy 8 years AUD/USD posted strong gains last week, climbing about 150 points. The pair closed at 0.9245. This week's highlights are the Cash Rate and Retail Sales. Here is an outlook on the major market-movers and an updated technical analysis for AUD/USD. Australian data was uneventful last week, as the RBA maintained interest rates at 2.50%. RBA head Glenn Stevens did note that the Aussie's recent improvement is not to the Bank's liking, since it is impeding economic growth. In the US, Non-farm Employment Change improved in March but fell short of expectations. The Aussie challenged the 0.93 cap several times without… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk.4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk.5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.