AUDUSD Analysis
| Performance | |||||
| Period | Pct | Chg | Momentum | ||
| Friday | 0.84% | 56.4 Pips |  |
||
| Week 2023-05-05 | 2.07% | 136.8 Pips | |
||
| May | 2.07% | 136.8 Pips | |
||
Upcoming key events for the new week (London Time)
Tue 10:30 AM AUD Budget Release
Wed 01:30 PM USD CPI Inflation Rate excluding Food & Energy sectors (1-mth) Wed 01:30 PM USD CPI Inflation Rate excluding Food & Energy sectors (12-mth) 
Thu 01:30 PM USD Initial Unemployment Insurance Claims Fri 03:00 PM USD Michigan Index of Consumer Sentiment
What happened over the week
🇺🇸 Nonfarm Payroll Employment in April exceed forecast and rose to 253K compared to previous figure 165K, revised from 236K in March Source: Bureau of Labor Statistics USD Nonfarm Business Labor Productivity in Q1 preliminary estimate dropped to -2.7% compared to previous figure 1.6% (revised from 1.7%). Source: Bureau of Labor Statistics 🇺🇸 In the week ending 29 April, the Initial Unemployment Insurance Claims rose to 242K compared to previous figure 229K (revised from 230K) Source: Department of Labor 🇺🇸 Goods and Services Trade Balance in March exceed forecast and improved to -64.2$ compared to previous figure -70.6, revised from -70.5$ in February 🇦🇺 Trade Balance (1-mth) in March exceed forecast and rose to 15269M compared to previous figure 13870M in February Source: Australian Bureau of Statistics 🇦🇺 Exports (1-mth) in March rose to 4% compared to previous figure -3% in February 🇦🇺 Imports (1-mth) in March rose to 2% compared to previous figure -9% in February 🇺🇸 Fed Interest Rate Decision (Federal Funds Rate) rose to 5.25% compared to previous rate 5% Source: Federal Reserve 🇦🇺 Retail Trade Turnover (seasonally adjusted) (1-mth) in March exceed forecast and rose to 0.4% compared to previous figure 0.2% in February Source: Australian Bureau of Statistics 🇺🇸 Factory Orders (1-mth) in March exceed forecast and rose to 0.9% compared to previous figure -1.1, revised from -0.7% in February Source: Census Bureau 🇦🇺 RBA Interest Rate Decision (Cash Rate Target) exceed forecast and rose to 3.85% compared to previous rate 3.6% Source: Reserve Bank of Australia
What can we expect from AUDUSD for the new week and what happened on Friday?
AUDUSD on Friday rose 0.84% to 0.67480. Price is above 9-Day EMA while Stochastic is rising. For the week ending 2023-05-05, the pair rose 2.07% or 136.8 pips higher.
Looking ahead on Monday, AUDUSD looks bullish as the pair ended higher after Friday trading session.
As for the new week, our technical outlook looks bullish, immediate upside resistance level at 0.68010 (WR1) with break above could target 0.68541 (WR2). On the downside, we are looking at week low of 0.66069 as an important support. Break below this level could weaken the current bullish momentum. A break above 0.67570 would suggest bullish bias after recent positive movement.
For the month of May, AUDUSD is up by 2.07% or 136.8 pips higher.
Weekly key levels to watch out:
| R3 | 0.69511 |
| R2 | 0.68541 |
| R1 | 0.68010 |
| Weekly Pivot | 0.67040 |
| S1 | 0.66509 |
| S2 | 0.65539 |
| S3 | 0.65008 |
You might also be interested in:
Advanced Monthly Sales for Retail and Food Services Source: Census Bureau Payroll employment rises by 253,000 in April; unemployment rate changes little at 3.4% Source: Bureau of Labor Statistics Publications U.S. International Trade in Goods and Services, March 2023 Source: Bureau of Economic Analysis U.S. International Trade in Goods and Services Source: Census Bureau Housing Vacancies and Homeownership Source: Census Bureau Rental Vacancy Rate Source: Census Bureau
Australia records $15,269m trade surplus in March Source: Australian Bureau of Statistics Federal Reserve issues FOMC statement Source: Federal Reserve Manufacturers’ Shipments, Inventories, and Orders Source: Census Bureau March retail sales rise 0.4% Source: Australian Bureau of Statistics Construction Spending Source: Census Bureau Statement by Philip Lowe, Governor: Monetary Policy Decision Source: Reserve Bank of Australia
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