General analysis AUDUSD for 18.04.2022

Current dynamics

Australia’s unemployment rate remains at 4.0%. Australian authorities have agreed to a deal to increase gas production. Australia set a record for wheat exports for the month.

According to the Australian Bureau of Statistics, the unemployment rate fell but remained at 4.0%. Australian employment growth was 17.9K in March while unemployment was down 12.1K even though the rounded unemployment rate is still at 4.0%. It is worth noting that this unemployment rate is the lowest in 48 years.

However, it is worth recalling that Australia plans to speed up the decommissioning of its largest coal-fired power plant, which could lead to power shortages. Against this backdrop, Australian Labor Party leader Anthony Albanese promised miners and workers in the mining industry that they would not lose their jobs.

Along with that, two days before going into interim control ahead of the election, the federal government and the Northern Territory government signed an A$872 million ($647 million) deal to boost gas production by fracking. As part of the agreement, plans are to increase gas deliveries to Australia’s east coast by 2024.

Meanwhile, according to the Australian Bureau of Statistics, Australia exported 5% more wheat in February than in January. Which is a record for monthly wheat exports and over 6% higher than Australia’s February 2021 wheat exports. The main importers were Indonesia, China and the Philippines.

Meanwhile, the management of Sydney airport offered security officers a bonus of thousand dollars for each shift worked over the Easter weekend. It’s worth noting that about 20% of the airport staff are on medical leave or have to self-isolate due to contact with COVID-19 sick people.

Tomorrow at 4:30(GMT+2), Reserve Bank of Australia Meeting Minutes will be published. Later at 15:30(GMT+2), will release data on the number of construction permits in the U.S. in March.

Support and resistance levels.

The AUD/USD dropped to the 61.8 Fibonacci level and started consolidation. The current trend is downward. The RSI oscillator has crossed the 30 level from the bottom to the top.

Support levels: 0.7352, 0.7280, 0.7161.

Resistance levels: 0.7660, 0.7545, 0.7470, 0.7411

Trading scenarios

Short positions may be opened below the level of 0.7352 with target 0.7280 and stop-loss 0.7411 Implementation period: 2-4 days

Long positions may be opened above the level of 0.7411 with target 0.7470 and stop-loss 0.7352 Implementation period: 2-4 days