Australian NAB Business Conditions for March were reported at -21, and Australian NAB Business Confidence at -66. Forex traders can compare this to NAB Business Conditions for February, which were reported at 0 and to Australian NAB Business Confidence, which was reported at -2. The Chinese Trade Balance for March was reported at $19.90B. Economists predicted a figure of $18.55B. Forex traders can compare this to the Chinese Trade Balance for February, which was reported at -$7.09B. Exports for March decreased by 6.6% annualized and Imports decreased by 0.9% annualized. Economists predicted a decrease of 14.0% and 9.5%. Forex traders can compare this to Exports for February, which decreased by 17.2% annualized and to Imports, which decreased by 4.0% annualized.

The US Import Price Index for March is predicted to decrease by 3.1% monthly and by 4.6% annualized. Forex traders can compare this to the US Import Price Index for February, which decreased by 0.5% monthly and by 1.2% annualized. The US Import Price Index excluding Petroleum for March is predicted to decrease by 0.2% monthly. Forex traders can compare this to the US Import Price Index excluding Petroleum for February, which increased by 0.2% monthly. The US Export Price Index for March is predicted to decrease by 1.9% monthly and by 2.1% annualized. Forex traders can compare this to the US Export Price Index for February, which decreased by 1.1% monthly and by 1.3% annualized.

The AUD/USD extended its recovery and the forecast remains bullish. After price action advanced through the Kijun-sen of the Ichimoku Kinko Hyo, the Tenkan-sen is providing bullish momentum. US economic data continues to disappoint, as Covid-19 has a bigger negative impact than previously thought. Will bulls push price action above the Senkou Span A and B? Subscribe to the PaxForex Daily Fundamental Analysis, and earn over 5,000 pips per month.

Should price action for the AUD/USD remain inside the or breakout above the 0.6325 to 0.6425 zone the following trade set-up is recommended:

• Timeframe: D1
• Recommendation: Long Position
• Entry Level: Long Position @ 0.6400
• Take Profit Zone: 0.6825 – 0.6935
• Stop Loss Level: 0.6225

Should price action for the AUD/USD breakdown below 0.6325 the following trade set-up is recommended:

• Timeframe: D1
• Recommendation: Short Position
• Entry Level: Short Position @ 0.6225
• Take Profit Zone: 0.5810 – 0.5870
• Stop Loss Level: 0.6325

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