AUDUSD Analysis
| Performance | |||||
| Period | Pct | Chg | Momentum | ||
| Friday | 0.7% | 46.4 Pips |  |
||
| Week 2023-06-30 | -0.31% | -20.5 Pips |  |
||
| June | 2.36% | 153.6 Pips | |
||
Upcoming key events for the new week (London Time)
Mon 03:00 PM ISM Manufacturing PMI
Tue 05:30 AM RBA Interest Rate Decision (Cash Rate Target) Tue 05:30 AM RBA Cash Rate Statement 
Tue 06:00 AM Independence Day Wed 07:00 PM FOMC Meeting Minutes Thu 02:30 AM Trade Balance (1-mth) Thu 01:15 PM ADP Non-Farm Employment Change 
Thu 01:30 PM Initial Unemployment Insurance Claims Thu 03:00 PM ISM Services PMI Fri 01:30 PM Nonfarm Payroll Employment
What happened over the week
🇺🇸 U.S. UoM 5-year Consumer Inflation Expectation in June unchanged at 3% compared to previous report in May. Source: University of Michigan 🇺🇸 U.S. Michigan Index of Consumer Sentiment in June exceed forecast and rose to 64.4 points compared to previous figure 63.9 points in May Source: University of Michigan 🇺🇸 U.S. Personal Income (1-mth) in May rose to 0.4% compared to previous figure 0.3, revised from 0.4% in April Source: Bureau of Economic Analysis 🇺🇸 U.S. GDP Annualized in Q1 exceed forecast and rose to 2% compared to previous figure 1.3% in Q4 Source: Bureau of Economic Analysis 🇺🇸 U.S. Core Personal Consumption Expenditures (3-mth) in Q1 below forecast and dropped to 4.9% compared to previous figure 5% in Q4 Source: Bureau of Economic Analysis 🇦🇺 Australia Retail Trade Turnover (seasonally adjusted) (1-mth) in May exceed forecast and rose to 0.7% compared to previous figure 0% in April Source: Australian Bureau of Statistics 🇦🇺 Australia Monthly CPI Inflation Rate (12-mth) in May below forecast and dropped to 5.6% compared to previous figure 6.8% in April Source: Australian Bureau of Statistics 🇺🇸 U.S. New Residential Sales (1-mth) in May exceed forecast and rose to 0.763M compared to previous figure 0.68, revised from 0.683M in April Source: Census Bureau 🇺🇸 U.S. Housing Price Index (1-mth) in April exceed forecast and rose to 0.7% compared to previous figure 0.5, revised from 0.6% in March 🇺🇸 U.S. Durable Goods Orders excluding Transportation in May rose to 0.6% compared to previous figure -0.6% (revised from -0.2%) Source: Census Bureau
What can we expect from AUDUSD for the new week and what happened on Friday?
AUDUSD on Friday rose 0.7% to 0.66600. Price is below 9-Day EMA while Stochastic is falling in oversold zone. For the week ending 2023-06-30, the pair dropped -0.31% or -20.5 pips lower.
Looking ahead on Monday, AUDUSD looks bullish as the pair ended higher after Friday trading session.
For the new week, our technical outlook looks bearish, immediate support level is at 0.65971 (WS1) with break below could see further selling pressure towards 0.65341 (WS2). For potential buyers, as the current momentum is bearish, we prefer to look at firm break of the week high of 0.67210 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 0.65961 would indicate selling pressure.
For the month of June, AUDUSD is up by 2.36% or 153.6 pips higher.
Weekly key levels to watch out:
| R3 | 0.68469 |
| R2 | 0.67839 |
| R1 | 0.67220 |
| Weekly Pivot | 0.66590 |
| S1 | 0.65971 |
| S2 | 0.65341 |
| S3 | 0.64722 |
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