AUDUSD on Wednesday dropped -0.44% to 0.66820. What we know.

AUDUSD Analysis

Performance after Wednesday
Period	Pct	Chg	Momentum
Wednesday	-0.44%	-29.3 Pips
Week to-date	0.56%	37 Pips
March	-0.68%	-46 Pips

Upcoming key events (London Time)

Thu 01:30 PM USD GDP Annualized | Q4

What happened lately

📆 🇺🇸 USD Pending Home Sales (1-mth) | Feb in February exceed forecast and dropped to 0.8% compared to previous figure 8.1% in January. Source
📆 ☢️ 🇦🇺 AUD Monthly CPI Inflation Rate (12-mth) | Feb in February below forecast and dropped to 6.8% compared to previous figure 7.4% in January. Australian Bureau of Statistics
📆 ☢️ 🇦🇺 AUD Retail Trade Turnover (seasonally adjusted) (1-mth) | Feb in February below forecast and dropped to 0.2% compared to previous figure 1.9% in January. Australian Bureau of Statistics

What can we expect from AUDUSD today?

AUDUSD on Wednesday dropped -0.44% to 0.66820. Price is above 9-Day EMA while Stochastic is falling.

Updated daily direction for AUDUSD looks bearish as the pair posted lower in Wednesday trading session.

Looking ahead for the day, immediate support level is at 0.66557 (S1) with break below could see further selling pressure towards 0.66293 (S2). To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 0.67130 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 0.66580 would indicate selling pressure.

For the week to-date, take note that AUDUSD is mixed as the current price action remain uncertain due to trader indecisiveness.

Key levels to watch out:

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U.S. International Investment Position, 4th Quarter and Year 2022 Source: Bureau of Economic Analysis
Advance Retail Inventories Source: Census Bureau
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