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The economic calendar is light on data releases today but that doesn’t mean we won’t see volatile price action!

I’m looking at AUD/USD’s 1-hour chart today. What do you think?

Before moving on, ICYMI, I’ve listed the potential economic catalysts that you need to watch out for this week. Check them out before you place your first trades today!

And now for the headlines that rocked the markets in the last trading sessions:

Fresh Market Headlines & Economic Data:

China’s producer prices up 8.3% y/y vs. 7.9% expected in March

China’s inflation speeds up from 0.9% to 1.5% in March as lockdowns, Ukraine war raise prices

Oil drops on worries about lockdowns in China, release of reserves

Shanghai to ease lockdown in some areas despite rise in COVID infections

UK construction output growth slows from 10% to 6.1% y/y in February

UK industrial output down by 0.6% vs. 0.3% increase in February

UK economy gains by 0.1% in February vs. 0.3% expected, 0.8% growth in January

UK trade deficit shrank from record 12.84B GBP to 9.26B GBP in February

EU slashes 10% of Russian imports with new sweeping sanctions

Shares skid, yields rise further before ECB, U.S. inflation test

Upcoming Potential Catalysts on the Forex Economic Calendar:

FOMC member Bowman to give opening remarks at 1:30 pm GMT
NZ visitor arrivals at 10:45 pm GMT
U.K. BRC retail sales monitor at 11:01 pm GMT
Japan’s PPI at 11:50 pm GMT
AU NAB business confidence at 1:30 am GMT (Apr 12)

Use our new Currency Heat Map to quickly see a visual overview of the forex market’s price action! 🔥 🗺️

What to Watch: AUD/USD

AUD/USD 1-hour Forex Chart

AUD/USD 1-hour Forex Chart

There are no top-tier economic reports scheduled in the next trading sessions but that doesn’t mean we won’t see volatile price action!

In case you missed it, Asian and early European markets are having a bearish day today as traders are worrying about high inflation, aggressively hawkish central banks, and rising bond yields.

All the bearishness hasn’t affected AUD/USD much though. The pair has managed to stay just under the .7450 area so far today!

I’ll keep close tabs on the pair in the next trading sessions.

Positive headlines or start-of-week risk-taking could push AUD/USD back up to .7500, which lines up with the 38.2% Fibonacci retracement of last week’s downswing and the 100 and 200 SMAS on the 1-hour time frame.

Of course, it’s also possible that AUD bears are just looking for the right catalyst to drag AUD/USD to new April lows.

If AUD/USD dips below the .7400 levels, then you can start preparing for potential retests of the .7370, .7300, or .7250 areas of interest.