AUDUSD on Friday dropped -0.63% to 0.66450. Week ending 2023-03-24 moved lower by -0.75%. What happened.

AUDUSD on Friday dropped -0.63% to 0.66450. Week ending 2023-03-24 moved lower by -0.75%. What happened.

AUDUSD Analysis

Week ending 2023-03-24
Open High Low Close
0.67142 0.67588 0.66220 0.66450
Period Pct Chg Momentum
Friday -0.63% -42.2 Pips
Week 2023-03-24 -0.75% -50 Pips
March -1.23% -83 Pips

Upcoming key events for the new week (London Time)

Tue 01:30 AM AUD Retail sales turnover (1-mth)
Thu 01:30 PM USD GDP (12-mth)

What happened over the week

๐Ÿ“† ๐Ÿ‡บ๐Ÿ‡ธ USD S&P Global Manufacturing PMI in March preliminary estimate exceed forecast and rose to 49.3 points compared to previous figure 47.3 points in February. Source
๐Ÿ“† โ˜ข๏ธ ๐Ÿ‡บ๐Ÿ‡ธ USD Durable Goods Orders in February below forecast and improved to -1% compared to previous figure -5, revised from -4.5% in January. Source
๐Ÿ“† ๐Ÿ‡บ๐Ÿ‡ธ USD Chicago Fed National Activity Index in February below forecast and dropped to -0.19 points compared to previous figure 0.23 points in January. Source
๐Ÿ“† โ˜ข๏ธ ๐Ÿ‡บ๐Ÿ‡ธ USD Fed Interest Rate Decision (Federal Funds Rate) rose to 5% compared to previous rate 4.75%. Source

AUDUSD Chart by TradingView

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

AUDUSD on Friday dropped -0.63% to 0.66450. Price is below 9-Day EMA while Stochastic is rising. For the week ending 2023-03-24, the pair dropped -0.75% or -50 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 is mixed. To see upside interest, we prefer to look at price breakout of week high of 0.67588 or at least consolidates above Weekly Pivot level of 0.66753. On the downside, we are looking at week low 0.66220 or 0.65917 (WS1) as immediate support level. AUDUSD need to break on either side to indicate a short-term bias. A close below week low of 0.66220 would indicate selling pressure.

For the month of March, AUDUSD is down by -1.23% or -83 pips lower.

Weekly key levels to watch out:

R3 0.68653
R2 0.68121
R1 0.67285
Weekly Pivot 0.66753
S1 0.65917
S2 0.65385
S3 0.64549

You might also be interested in:

Advance Monthly Manufacturers’ Shipments, Inventories, and Orders Source: Census Bureau
New Home Sales Source: Census Bureau
U.S. International Transactions, 4th Quarter and Year 2022 Source: Bureau of Economic Analysis
Index Suggests Economic Growth Declined in February Source: Chicago Fed
Federal Reserve Board and Federal Open Market Committee release economic projections from the March 21-22 FOMC meeting Source: Federal Reserve
Federal Reserve issues FOMC statement Source: Federal Reserve
Quarterly Financial Report Source: Census Bureau
Quarterly Financial Report – Retail Source: Census Bureau
Coordinated central bank action to enhance the provision of U.S. dollar liquidity Source: Federal Reserve

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