AUDUSD Technical Analysis – March 31, 2021

The Australian Dollar (AUD) slid down against the U.S. Dollar (USD) on Wednesday, decreasing the price of the AUDUSD pair to less than 0.7600, ahead of the release of Australian Trade Balance news.

Technical Analysis
As of this writing, the AUDUSD pair floats around 0.7594. The pair might find some support near the given below prices.

Support
0.7574 – the immediate trendline support
0.7520 – the 61.8% Fib level support
0.7461 – the low of December 21, 2020

On the upside, the pair might face some resistance near the listed price levels.

Resistance
0.7613 – the major horizontal resistance
0.7663 – the high of March 30, 2021
0.7706 – the Fibonacci retracement (38.2%)

Australian Trade Balance News
The Australian Bureau of Statistics anticipates releasing numbers for the trade balance news on Thursday (April 01, 2021). According to economists, the trade balance news might register a reading of 9700 M in February, as compared to the reading of 10142 M, in the month before.

The trade balance reflects the difference between the imports and exports level of a country. Export data indicates economic growth while import data represent domestic demand. If export data exceeds the import levels, it indicates a strengthening economy and suggests a bullish trend for the AUDUSD pair and vice versa.

Conclusion
Given the macroeconomic outlook of the pair, selling the AUDUSD pair around 0.7613 might be a sensible trading decision in the short term.