AUDUSD on Friday dropped -0.04% to 0.66680. Week ending 2023-04-07 moved lower by -0.25%. What happened.
AUDUSD Analysis
| Week ending 2023-04-07 | |||
| Open | High | Low | Close |
| 0.66799 | 0.67932 | 0.66400 | 0.66680 |
| Performance | |||||
| Period | Pct | Chg | Momentum | ||
| Friday | -0.04% | -3 Pips |  | ||
| Week 2023-04-07 | -0.25% | -17 Pips | | ||
| April | -0.25% | -17 Pips |  | ||
Upcoming key events for the new week (London Time)
Wed 01:30 PM USD CPI Inflation Rate excluding Food & Energy sectors (1-mth) | Mar Wed 01:30 PM USD CPI Inflation Rate excluding Food & Energy sectors (12-mth) | Mar Wed 07:00 PM USD FOMC Meeting Minutes 
Thu 02:30 AM AUD Employment Change (seasonally adjusted) | Mar Thu 02:30 AM AUD Unemployment Rate (seasonally adjusted) | Mar Fri 01:30 PM USD Retail Trade Turnover (1-mth) | Mar Fri 01:30 PM USD Retail Trade Control Group | Mar Fri 03:00 PM USD Michigan Index of Consumer Sentiment | Apr flash Sat 01:00 AM USD IMF Meeting
What happened over the week
📆 ☢️ 🇺🇸 USD Nonfarm Payroll Employment | Mar in March below forecast and dropped to 236K compared to previous figure 326, revised from 311K in February. Source: Bureau of Labor Statistics 🇺🇸 📆 USD In the week ending 01 April, the Initial Unemployment Insurance Claims rose to 228K compared to previous figure 198K. Source: Department of Labor 📆 ☢️ 🇦🇺 AUD Trade Balance (1-mth) | Feb in February exceed forecast and rose to 13870M compared to previous figure 11688M in January. Source: Australian Bureau of Statistics 📆 🇦🇺 AUD Exports (1-mth) | Feb in February dropped to -3% compared to previous figure 1% in January. Source: 📆 🇺🇸 USD S&P Global Composite PMI | Mar in March below forecast and dropped to 52.3 points compared to previous figure 53.3 points in February. Source: 📆 🇺🇸 USD Goods and Services Trade Balance | Feb in February exceed forecast and dropped to -70.5$ compared to previous figure -68.7, revised from -68.3$ in January. Source: 📆 🇦🇺 AUD AiG Industry Index | Feb in February dropped to -6.1 points compared to previous figure -1.8 points in January. Source: 📆 🇦🇺 AUD S&P Global Services PMI | Mar in March exceed forecast and rose to 50.7 points compared to previous figure 48.2 points in February. Source: 📆 🇺🇸 USD Factory Orders (1-mth) | Feb in February exceed forecast and improved to -0.7% compared to previous figure -2.1, revised from -1.6% in January. Source: Census Bureau 📆 ☢️ 🇦🇺 AUD RBA Interest Rate Decision (Cash Rate Target) unchanged at 3.6% compared to previous rate 3.6%. Source: Reserve Bank of Australia 📆 🇺🇸 USD S&P Global Manufacturing PMI | Mar in March below forecast and dropped to 49.2 points compared to previous figure 49.3 points in February. Source:
What can we expect from AUDUSD for the new week and what happened on Friday?
AUDUSD on Friday dropped -0.04% to 0.66680. Price is below 9-Day EMA while Stochastic is rising. For the week ending 2023-04-07, the pair dropped -0.25% or -17 pips lower.
Looking ahead on Monday, AUDUSD looks mixed as the pair is likely to consolidate above week low of 0.66400.
For the new week, our technical outlook is mixed. To see upside interest, we prefer to look at price breakout of week high of 0.67932 or at least consolidates above Weekly Pivot level of 0.67004. On the downside, we are looking at week low 0.66400 or 0.66076 (WS1) as immediate support level. AUDUSD need to break on either side to indicate a short-term bias. A close below week low of 0.66400 would indicate selling pressure.
For the month of April, AUDUSD is down by -0.25% or -17 pips lower.
Weekly key levels to watch out:
| R3 | 0.69140 |
| R2 | 0.68536 |
| R1 | 0.67608 |
| Weekly Pivot | 0.67004 |
| S1 | 0.66076 |
| S2 | 0.65472 |
| S3 | 0.64544 |
You might also be interested in:
NFP rose by 236,000 in March, and the unemployment rate changed little at 3.5% Source: Bureau of Labor Statistics Publications U.S. International Trade in Goods and Services, February 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 February job openings and layoffs and discharges decrease; quits edge up Source: Bureau of Labor Statistics Publications
Statement by Philip Lowe, Governor: Monetary Policy Decision Source: Reserve Bank of Australia Construction Spending Source: Census Bureau
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18/02/2023
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#AUDUSD is the most dicey pair in the forex market right now!
Currently looking downwards but could reverse at any point!
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