AUDUSD on Wednesday dropped -0.42% to 0.67337. Pair in consolidation. What is going on.

AUDUSD Analysis

Performance after Wednesday
Period	Pct	Chg	Momentum
Wednesday	-0.42%	-28.5 Pips
Week to-date	0.5%	33.6 Pips
December	1.97%	130.4 Pips

Upcoming key events (London Time)

Thu 01:30 PM USD GDP Annualized
Fri 01:30 PM USD Personal Consumption Expenditures Price Index (1-mth)
Fri 01:30 PM USD Personal Consumption Expenditures Price Index (12-mth)

What happened lately

🇺🇸 U.S. Housing Starts (1-mth) in November exceed forecast and rose to 1.56M compared to previous figure 1.359, revised from 1.372M in October Source: Census Bureau
🇺🇸 U.S. Building Permits (1-mth) in November below forecast and dropped to 1.46M compared to previous figure 1.498, revised from 1.487M in October Source: Census Bureau

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Tweets by Australian Bureau of Statistics

What can we expect from AUDUSD today?

AUDUSD on Wednesday dropped -0.42% to 0.67337. Price is above 9-Day EMA while Stochastic is falling in overbought zone.

Updated daily direction for AUDUSD looks mixed as the pair is likely to consolidate above 0.67109 (S1).

Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 0.67790 or trades above daily pivot 0.6745. Break above could target R1 at 0.67677. While to the downside, we are looking at 0.67109 (S1) and daily low of 0.67222 as support levels. AUDUSD need to break on either side to indicate a short-term bias. A close below 0.67222 would indicate selling pressure.

For the week to-date, take note that AUDUSD is bullish as the pair continued to trade higher and is up by 0.5% over the past few days.

Key levels to watch out: