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Increased risk appetite pushed the Aussie near the top of the forex heap last week. Check out this week’s catalysts too see if it can maintain its uptrends!

Lower-tier economic releases

  • AIG manufacturing index (Mar 31, 9:30 pm GMT) dropped from 45.4 to 44.3 in February
  • RBA’s meeting minutes (Apr 1, 12:30 am GMT) could provide more clues on the central bank’s other stimulus options
  • Building approvals (Apr 1, 12:30 am GMT) could shoot up by 4.5% in February
  • AIG construction index (Apr 2, 9:30 pm GMT) inched up from 41.2 to 42.7 in February

China’s PMIs

  • As one of the first economies to somewhat recover from COVID-19, the first activity indicators for China will be closely watched by market players
  • Manufacturing PMI (Mar 31, 1:00 am GMT) is expected to pop up from 35.7 to 44.9 in March
  • Non-manufacturing PMI (Mar 31, 1:00 am GMT) could shoot up from 29.6 to 42.1
  • Caixin manufacturing PMI (Apr 1, 1:45 am GMT) might jump from 40.3 to 45.0 in March
  • Caixin’s services PMI (Apr 3, 1:45 am GMT) is seen at 39.6 after dipping to 26.5

Overall risk appetite

  • Government responses and market players’ worries over the impact of COVID-19 will continue to affect demand for high-yielding comdolls like the Aussie
  • Top-tier reports like Uncle Sam’s NFP-related releases and PMI reports from major economies can also cause intraday volatility for AUD

Technical snapshot

  • Unless the tides change for AUD, it will end the month in the red against ALL of its major counterparts
  • AUD has seen the most losses against EUR, CHF, and JPY in the last 30 days

  • AUD has been the most volatile against USD, JPY, and CAD in the last seven days

  • AUD is now trading above the 5 EMA against CHF, JPY, NZD, and EUR even as it remains below its 20, 50, and 200 EMAs
  • AUD/CAD and AUD/USD are now trading above their 5 and 20 EMAs. Watch out for retracements and reversal opportunities!
  • GBP/AUD remains bullish across the short and long-term EMAs

Missed last week’s price action? Read AUD’s price recap for March 23 – 27!