AUDUSD on Friday rose 0.97% to 0.66880. Week ending 2023-07-07 rose 0.42%. What happened.
|Week 2023-07-07||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
🇺🇸 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
🇺🇸 U.S. ISM Services PMI in June exceed forecast and rose to 53.9 points compared to previous figure 50.3 points in May
🇺🇸 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
🇺🇸 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
🇺🇸 U.S. ADP Non-Farm Employment Change in June exceed forecast and rose to 497K compared to previous figure 278K in May
🇺🇸 U.S. Challenger Job Cuts in June dropped to 40.709K compared to previous figure 80.089K in May
🇦🇺 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
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:
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