AUDUSD on Friday dropped -0.1% to 0.65816. Week ending 2023-03-10 moved lower by -2.56%. Looking bearish. What you need to know.

AUDUSD by TradingView

Performance
Period	Pct	Chg	Momentum
Friday	-0.1%	-6.9 Pips
Week 2023-03-10	-2.56%	-173 Pips
March	-2.22%	-149.2 Pips

Upcoming key events for the new week (London Time)

Tue 12:30 PM USD CPI Inflation Rate excluding Food & Energy sectors (1-mth)
Wed 12:30 PM USD Retail Sales (1-mth)
Wed 12:30 PM USD Retail Control Group
Thu 12:30 AM AUD Employment Change (seasonally adjusted)
Thu 12:30 AM AUD Unemployment Rate (seasonally adjusted)

What happened over the week

📆 ☢️ 🇺🇸 USD Nonfarm Payroll Employment in February exceed forecast and dropped to 311K compared to previous figure 504, revised from 517K in January. Source
🇺🇸 📆 USD In the week ending 04 March, the Initial Unemployment Claims rose to 211K compared to previous figure 190K. Source
📆 🇺🇸 USD Goods and Services Trade Balance in January below forecast and dropped to -68.3$ compared to previous figure -67.2, revised from -67.4$ in December. Source
📆 ☢️ 🇦🇺 AUD RBA Interest Rate (Cash Rate Target) rose to 3.6% compared to previous rate 3.35%. Source
📆 🇺🇸 USD Factory Orders (1-mth) in January below forecast and dropped to -1.6% compared to previous figure 1.7, revised from 1.8% in December. Source

What can we expect from AUDUSD for the new week and what happened on Friday?

AUDUSD on Friday dropped -0.1% to 0.65816. Price is below 9-Day EMA while Stochastic is falling but in oversold zone. For the week ending 2023-03-10, the pair dropped -2.56% or -173 pips lower.

Looking ahead on Monday, AUDUSD looks mixed as the pair is likely to consolidate above week low of 0.65633.

For the new week, our technical outlook looks bearish, immediate support level is at 0.65136 (WS1) with break below could see further selling pressure towards 0.64456 (WS2). For potential buyers, as the current momentum is bearish, we prefer to look at firm break of the week high of 0.67490 as an important indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below week low of 0.65633 would indicate selling pressure.

For the month of March, AUDUSD is down by -2.22% or -149.2 pips lower.

Weekly key levels to watch out:

You might also be interested in:

January job openings and quits decrease; layoffs and discharges increase Source: Bureau of Labor Statistics Publications
U.S. International Trade in Goods and Services, January 2023 Source: Bureau of Economic Analysis
U.S. International Trade in Goods and Services Source: Census Bureau
Monthly Wholesale Trade: Sales and Inventories Source: Census Bureau
Powell, Semiannual Monetary Policy Report to the Congress Source: Federal Reserve
Manufacturers’ Shipments, Inventories, and Orders Source: Census Bureau
Statement by Philip Lowe, Governor: Monetary Policy Decision Source: Reserve Bank of Australia

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