Overview:
AUD/USD is in range-trade. Australia's markets are shut today for Good Friday holiday. AUD/USD is undermined by weaker commodity prices; Aussie sales on rebounding EUR/AUD and GBP/AUD crosses, and on soft AUD/NZD cross. But AUD/USD losses tempered by improved risk appetite; diminished expectations of rate cuts from RBA; AUD-USD interest-rate differential; positions adjustment before weekend. Daily chart is mixed as MACD is bullish, but stochastics is bearish at overbought.
Recommendation:
Sell below 1.0445 with downside targets at 1.0393 and 1.0361.
Support levels:
S1 - 1.0393 (Thursday's low)
S2 - 1.0361 (March 21 low)
S3 - 1.0353-1.0347 band (March 20 low-March 19 low).
Alternative scenario:
Buy above 1.0445 with upside targets at 1.046 and 1.0485.
Resistance levels:
1.046 (Thursday's high)
1.0486 (Wednesday's high)
1.0497 (Tuesday's two-month high)
