AUDUSD on Friday dropped -1.16% to 0.66770. Week ending 2023-06-23 moved lower by -2.82%. What you need to know.

AUDUSD Analysis

Performance
Period	Pct	Chg	Momentum
Friday	-1.16%	-78.3 Pips
Week 2023-06-23	-2.82%	-193.7 Pips
June	2.71%	175.9 Pips

Upcoming key events for the new week (London Time)

Tue 01:30 PM USD Durable Goods Orders
Tue 01:30 PM USD Nondefense Capital Goods Orders excluding Aircraft
Wed 02:30 AM AUD Monthly CPI Inflation Rate (12-mth)
Wed 09:30 PM USD Bank Stress Test Info
Thu 02:30 AM AUD Retail Trade Turnover (seasonally adjusted) (1-mth)
Thu 01:30 PM USD Initial Unemployment Insurance Claims
Thu 01:30 PM USD GDP Annualized (12-mth)

What happened over the week

🇺🇸 U.S. Chicago Fed National Activity Index in May below forecast and dropped to -0.15 points compared to previous figure 0.07 points in April
🇺🇸 U.S. Building Permits (1-mth) in May exceed forecast and rose to 1.491M compared to previous figure 1.417, revised from 1.416M in April Source: Census Bureau

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

AUDUSD on Friday dropped -1.16% to 0.66770. Price is below 9-Day EMA while Stochastic is falling. For the week ending 2023-06-23, the pair dropped -2.82% or -193.7 pips lower.

Looking ahead on Monday, AUDUSD looks bearish as the pair posted lower in Friday trading session.

For the new week, our technical outlook looks bearish, immediate support level is at 0.65987 (WS1) with break below could see further selling pressure towards 0.65204 (WS2). For potential buyers, as the current momentum is bearish, we prefer to look at firm break of the week high of 0.68825 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 0.66623 would indicate selling pressure.

For the month of June, AUDUSD is up by 2.71% or 175.9 pips higher.

Weekly key levels to watch out:

You might also be interested in:

U.S. International Transactions, 1st Quarter 2023 and Annual Update Source: Bureau of Economic Analysis
Powell, Semiannual Monetary Policy Report to the Congress Source: Federal Reserve
Business Formation Statistics Source: Census Bureau
New Residential Construction Source: Census Bureau

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