AUDUSD on Tuesday dropped -0.22% to 0.67651. Pair in consolidation. What we know.

AUDUSD Analysis

Performance after Tuesday
Period	Pct	Chg	Momentum
Tuesday	-0.22%	-14.8 Pips
Week to-date	0.25%	16.8 Pips
May	2.32%	153.6 Pips

Upcoming key events (London Time)

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)

What happened lately

🇦🇺 Retail Sales (3-mth) in Q1 exceed forecast and dropped to -0.6% compared to previous figure -0.2% in Q4
🇦🇺 Building Permits (1-mth) in March below forecast and dropped to -0.1% compared to previous figure 4% in February Australian Bureau of Statistics

What can we expect from AUDUSD today?

AUDUSD on Tuesday dropped -0.22% to 0.67651. Price is above 9-Day EMA while Stochastic is rising.

Updated daily direction for AUDUSD looks mixed as the pair is likely to consolidate above 0.67444 (S1).

Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 0.67870 or trades above daily pivot 0.67657. Break above could target R1 at 0.67864. While to the downside, we are looking at 0.67444 (S1) and daily low of 0.67450 as support levels. AUDUSD need to break on either side to indicate a short-term bias. A close below 0.67450 would indicate selling pressure.

For the week to-date, take note that AUDUSD is bullish as the pair continued to trade higher and is up by 0.25% over the past few days.

Key levels to watch out:

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