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On April 4, the Yangtze River Delta Railway ushered in the peak of passenger flow during the Qingming Festival. It is expected to send 4.1 million passengers today, 365,000 more than the same period last year, an increase of about 9.8%, and is expected to set a new record for single-day passenger volume. This years Qingming Festival railway transportation will start from April 3 to 7. The Yangtze River Delta Railway is expected to send 17.6 million passengers in 5 days, with an average daily passenger flow of 3.52 million, a year-on-year increase of 6.8%.The yield on the two-year U.S. Treasury note fell to a six-month low of 3.6550% and was last at 3.6611%.On April 4, local time on April 3, U.S. Secretary of Health and Human Services Robert Kennedy Jr. said that about 20% of the layoffs in the Department of Government Efficiency were wrong and needed to be corrected. The U.S. Department of Health and Human Services laid off about 10,000 people on the 1st. Kennedy said that people who should not have been laid off were laid off, and the department is restoring their positions. Kennedy said that canceling the entire lead poisoning prevention and monitoring department of the Centers for Disease Control and Prevention was one of the mistakes. At present, it is unclear what other projects Kennedy may plan to restore.Bank of Japan Governor Kazuo Ueda: Will consider the impact of food costs on consumers.On April 4, local time on the 3rd, the automobile company Stellantis said that due to the impact of the US import automobile tariff policy, the company decided to lay off 900 employees in its five US factories and suspend production operations at two assembly plants in Canada and Mexico. Antonio Filosa, Chief Operating Officer of Stellantis Americas, said that the US factories that were laid off were powertrain and stamping parts factories, which produced spare parts for two assembly plants in Canada and Mexico. According to the plan, the assembly plant in Canada will stop production for two weeks, and the assembly plant in Toluca, Mexico will suspend production throughout April. Filosa said the company is "continuing to evaluate the medium- and long-term impact of tariffs on operations."

AUD/USD Price Analysis: Price breaks six-week-old resistance below 0.6700 as bulls lose momentum

Daniel Rogers

Mar 15, 2023 11:50

AUD/USD accepts bids up to 0.6680 on Thursday morning as the currency pair falls toward retesting its intraday low of 0.6671. In doing so, the Aussie pair posts its first daily loss in three days as bulls flirt with a resistance line with a downward trajectory from early February.

 

In addition to the six-week-old descending resistance line, AUD/USD buyers are challenged by a lethargic RSI (14) and ambiguous MACD signals unless the price remains below the 0.6700 trend line resistance.

 

Even if the Aussie pair transcends the 0.6700 round number, a convergence of the 100-DMA and the 200-DMA around 0.6770-75 appears challenging for the bulls to surmount.

 

If the AUD/USD exchange rate remains above 0.6775, the December 2022 high near 0.6895 and the 0.6900 round number may serve as the bulls' final line of defense.

 

In contrast, a pullback has yet to materialize beyond the 50% Fibonacci retracement level of the risk-barometer pair's upside from October 2022 to February 2023, which was near 0.6655 at the time of publication.

 

Afterwards, the most recent swing low and the 61.8% Fibonacci retracement level, also known as the golden Fibonacci ratio, around 0.6565 and 0.6550, respectively, could challenge the AUD/USD bears prior to granting them control.

 

As China data approaches, the AUD/USD pair is likely to experience a retracement, but downside potential appears limited.


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