AUDUSD on Tuesday dropped -0.28% to 0.65194. Why it matters.

AUDUSD Analysis

Performance after Tuesday
Period	Pct	Chg	Momentum
Tuesday	-0.28%	-18.6 Pips
Week to-date	0.03%	2 Pips
May	-1.39%	-92.2 Pips

Upcoming key events (London Time)

Wed 12:00 AM AUD RBA’s Governor Philip Lowe speech
Wed 02:30 AM AUD Monthly CPI Inflation Rate (12-mth)

What happened lately

USD Housing Price Index (1-mth) in March dropped to 0.6% compared to previous figure 0.7% (revised from 0.5%).
🇦🇺 Building Permits (1-mth) in April below forecast and dropped to -8.1% compared to previous figure -0.1% in March Australian Bureau of Statistics

What can we expect from AUDUSD today?

AUDUSD on Tuesday dropped -0.28% to 0.65194. Price is below 9-Day EMA while Stochastic is rising in oversold zone.

Updated daily direction for AUDUSD looks bearish as the pair posted lower in Tuesday trading session.

Looking ahead for the day, immediate support level is at S1 0.64946 with break below could see further selling pressure towards S2 at 0.64697. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 0.65591 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 0.65020 would indicate selling pressure.

For the week to-date, take note that AUDUSD is mixed as compared to the prior week.

Key levels to watch out:

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Minutes of the Board’s discount rate meetings from April 10 through May 3, 2023. Federal Reserve

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