AUDUSD Analysis
| Performance | |||||
| Period | Pct | Chg | Momentum | ||
| Friday | 0.44% | 29 Pips |  |
||
| Week 2023-05-19 | 0.16% | 10.9 Pips | |
||
| May | 0.59% | 38.8 Pips |  |
||
Upcoming key events for the new week (London Time)
Wed 07:00 PM USD FOMC Meeting Minutes 
Thu 01:30 PM USD Initial Unemployment Insurance Claims Thu 01:30 PM USD GDP Annualized
Fri 02:30 AM AUD Retail Trade Turnover (seasonally adjusted) (1-mth) Fri 01:30 PM USD Durable Goods Orders Fri 01:30 PM USD Nondefense Capital Goods Orders excluding Aircraft
What happened over the week
🇺🇸 Philadelphia Fed Manufacturing Survey in May below forecast and improved to -10.4 points compared to previous figure -31.3 points in April USD Building Permits (1-mth) in April dropped to 1.416M compared to previous figure 1.437M (revised from 1.413M). Source: Census Bureau 🇦🇺 Wage Price Index (3-mth) in Q1 unchanged at 0.8% compared to previous report in Q4. 🇺🇸 Advance Monthly Retail Trade (1-mth) in April below forecast and rose to 0.4% compared to previous figure -0.6, revised from -1% in March Source: Census Bureau
What can we expect from AUDUSD for the new week and what happened on Friday?
AUDUSD on Friday rose 0.44% to 0.66500. Price is below 9-Day EMA while Stochastic is falling. For the week ending 2023-05-19, the pair rose 0.16% or 10.9 pips higher.
Looking ahead on Monday, AUDUSD looks mixed as the pair is likely to consolidate above week low of 0.66040.
For the new week, our technical outlook is mixed. To see upside interest, we prefer to look at price breakout of week high of 0.67100 or at least consolidates above Weekly Pivot level of 0.66547. On the downside, we are looking at week low 0.66040 or 0.65993 (WS1) as immediate support level. AUDUSD need to break on either side to indicate a short-term bias. A break above 0.67100 would suggest bullish bias after recent positive movement.
For the month of May, AUDUSD is up by 0.59% or 38.8 pips higher.
Weekly key levels to watch out:
| R3 | 0.68113 |
| R2 | 0.67607 |
| R1 | 0.67053 |
| Weekly Pivot | 0.66547 |
| S1 | 0.65993 |
| S2 | 0.65487 |
| S3 | 0.64933 |
You might also be interested in:
Unemployment rate rises to 3.7% in April Source: Australian Bureau of Statistics
New Residential Construction Source: Census Bureau Manufacturing and Trade Inventories and Sales Source: Census Bureau Advanced Monthly Sales for Retail and Food Services Source: Census Bureau
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