AUDUSD on Friday dropped -0.76% to 0.66900. Week ending 2023-04-21 moved lower by -0.27%. What happened.

AUDUSD Analysis

Performance
Period	Pct	Chg	Momentum
Friday	-0.76%	-51 Pips
Week 2023-04-21	-0.27%	-18 Pips
April	0.07%	5 Pips

Upcoming key events for the new week (London Time)

Mon 03:00 PM AUD ANZAC Day
Wed 02:30 AM AUD CPI Inflation Rate (3-mth)
Wed 02:30 AM AUD Monthly CPI Inflation Rate (12-mth)
Wed 02:30 AM AUD RBA Trimmed Mean CPI (3-mth)
Wed 01:30 PM USD Durable Goods Orders
Wed 01:30 PM USD Nondefense Capital Goods Orders excluding Aircraft
Thu 01:30 PM USD Initial Unemployment Insurance Claims
Thu 01:30 PM USD GDP Annualized

What happened over the week

In the week ending 15 April, the Initial Unemployment Insurance Claims rose to 245K compared to 240K, revised from 239K in the previous report Source: Department of Labor
🇺🇸 Philadelphia Fed Manufacturing Survey in April exceed forecast and dropped to -31.3 points compared to previous figure -23.2 points in March
🇦🇺 National Australia Bank’s Business Confidence (3-mth) in Q1 below forecast and dropped to -4 points compared to previous figure -1 points in Q4
🇺🇸 Building Permits (1-mth) in March below forecast and dropped to 1.413M compared to previous figure 1.55, revised from 1.524M in February Source: Census Bureau

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

AUDUSD on Friday dropped -0.76% to 0.66900. Price is below 9-Day EMA while Stochastic is falling. For the week ending 2023-04-21, the pair dropped -0.27% or -18 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 0.67714 or at least consolidates above Weekly Pivot level of 0.67125. On the downside, we are looking at week low 0.66760 or 0.66535 (WS1) as immediate support level. AUDUSD need to break on either side to indicate a short-term bias. A close below week low of 0.66760 would indicate selling pressure.

For the month of April, AUDUSD is up by 0.07% or 5 pips higher.

Weekly key levels to watch out:

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Minutes of the Board’s discount rate meetings from February 21 through March 22, 2023 Source: Federal Reserve
New Residential Construction Source: Census Bureau
Business Formation Statistics Source: Census Bureau

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