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AUDUSD on Friday rose 0.97% to 0.66880. Week ending 2023-07-07 rose 0.42%. What happened.

AUDUSD on Friday rose 0.97% to 0.66880. Week ending 2023-07-07 rose 0.42%. What happened.

AUDUSD Analysis

Performance
Period Pct Chg Momentum
Friday 0.97% 64.1 Pips
Week 2023-07-07 0.42% 28 Pips
July 0.42% 28 Pips

Upcoming key events for the new week (London Time)

Wed 04:10 AM RBA’s Governor Philip Lowe speech
Wed 01:30 PM CPI Inflation Rate (1-mth)
Wed 01:30 PM CPI Inflation Rate (12-mth)
Wed 01:30 PM CPI Inflation Rate excluding Food and Energy sectors (1-mth)
Wed 01:30 PM CPI Inflation Rate excluding Food and Energy sectors (12-mth)
Thu 01:30 PM Initial Unemployment Insurance Claims
Thu 01:30 PM Producer Price Index excluding Food and Energy sectors (12-mth)
Fri 03:00 PM Michigan Index of Consumer Sentiment

What happened over the week

๐Ÿ‡บ๐Ÿ‡ธ U.S. Nonfarm Payroll Employment in June below forecast and dropped to 209K compared to previous figure 306, revised from 339K in May Source: Bureau of Labor Statistics
๐Ÿ‡บ๐Ÿ‡ธ U.S. ISM Services PMI in June exceed forecast and rose to 53.9 points compared to previous figure 50.3 points in May
๐Ÿ‡บ๐Ÿ‡ธ U.S. Job Openings and Labor Turnover Survey (JOLTS) in May below forecast and dropped to 9.8M compared to previous figure 10.103M in April
๐Ÿ‡บ๐Ÿ‡ธ In the week ending 01 July, U.S. Initial Unemployment Insurance Claims rose to 248K compared to previous figure 236K (revised from 239K) Source: Department of Labor
๐Ÿ‡บ๐Ÿ‡ธ U.S. ADP Non-Farm Employment Change in June exceed forecast and rose to 497K compared to previous figure 278K in May
๐Ÿ‡บ๐Ÿ‡ธ U.S. Challenger Job Cuts in June dropped to 40.709K compared to previous figure 80.089K in May
๐Ÿ‡ฆ๐Ÿ‡บ Australia RBA Interest Rate Decision (Cash Rate Target) below forecast and unchanged at 4.1% compared to previous rate 4.1% Source: Reserve Bank of Australia




AUDUSD Daily Chart by TradingView

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

AUDUSD on Friday rose 0.97% to 0.66880. Price is above 9-Day EMA while Stochastic is falling. For the week ending 2023-07-07, the pair rose 0.42% or 28 pips higher.

Looking ahead on Monday, AUDUSD looks as

For the new week, our technical outlook is mixed. To see upside interest, we prefer to look at price breakout of week high of 0.67054 or at least consolidates above Weekly Pivot level of 0.66640. On the downside, we are looking at week low 0.65987 or 0.66227 (WS1) as immediate support level. AUDUSD need to break on either side to indicate a short-term bias. A break above 0.67054 would suggest bullish bias after recent positive movement.

For the month of July, AUDUSD is up by 0.42% or 28 pips higher.

Weekly key levels to watch out:

R3 0.68361
R2 0.67707
R1 0.67294
Weekly Pivot 0.66640
S1 0.66227
S2 0.65573
S3 0.65160

You might also be interested in:

Payroll employment increases by 209,000 in June; unemployment rate changes little at 3.6% Source: Bureau of Labor Statistics
U.S. International Trade in Goods and Services, May 2023 Source: Bureau of Economic Analysis
U.S. International Trade in Goods and Services Source: Census Bureau
Manufacturers’ Shipments, Inventories, and Orders Source: Census Bureau
Minutes of the Federal Open Market Committee, June 13-14, 2023 Source: Federal Reserve
Construction Spending Source: Census Bureau
Statement by Philip Lowe, Governor: Monetary Policy Decision Source: Reserve Bank of Australia

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