AUDUSD on Wednesday dropped -1.17% to 0.65440. What we know.

AUDUSD Analysis

Performance after Wednesday
Wednesday-1.17%-77.5 Pips
Week to-date-1.55%-102.8 Pips
August-2.58%-173.1 Pips

Upcoming key events (London Time)

Thu 02:30 AM AUD Trade Balance (1-mth)
Thu 03:00 PM USD ISM Services PMI
Fri 02:30 AM AUD RBA Monetary Policy Statement
Fri 01:30 PM USD Average Hourly Earnings (12-mth)
Fri 01:30 PM USD Nonfarm Payroll Employment

What happened lately

🇦🇺 Australia AiG Industry Index in June dropped to -14.7 points compared to previous figure -11.9 points in May
🇺🇸 U.S. Job Openings and Labor Turnover Survey (JOLTS) in June dropped to 9.582M compared to previous figure 9.616M (revised from 9.824M)
🇦🇺 Australia RBA Interest Rate Decision (Cash Rate Target) below forecast and unchanged at 4.1% compared to previous rate 4.1% Reserve Bank of Australia
🇦🇺 Australia Building Permits (1-mth) in June below forecast and dropped to -7.7% compared to previous figure 20.6% in May Australian Bureau of Statistics

AUDUSD 4-hour Chart by TradingView

What can we expect from AUDUSD today?

AUDUSD on Wednesday dropped -1.17% to 0.65440. Price is below 9-Day EMA while Stochastic is falling in oversold zone.

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

Looking ahead for the day, immediate support level is at S1 0.65035 with break below could see further selling pressure towards S2 at 0.64631. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 0.66300 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 0.65263 would indicate selling pressure.

For the week to-date, take note that AUDUSD is bearish as the pair posted lower by -1.55%.

Key levels to watch out:

Daily Pivot0.65668

You might be interested in:

Construction Spending. Census Bureau
Statement by Philip Lowe, Governor: Monetary Policy Decision. Reserve Bank of Australia
Gross Domestic Product for Puerto Rico, 2021. Bureau of Economic Analysis

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