AUDUSD on Wednesday dropped -0.52% to 0.64215. What we know.

AUDUSD Analysis

Performance after Wednesday
Wednesday-0.52%-33.4 Pips
Week to-date-1.14%-74.2 Pips
August-4.4%-295.6 Pips

Upcoming key events (London Time)

Thu 02:30 AM AUD Employment Change (seasonally adjusted)
Thu 02:30 AM AUD Unemployment Rate (seasonally adjusted)

What happened lately

🇺🇸 U.S. Industrial Production (1-mth) in July rose to 1% compared to previous figure -0.8% (revised from -0.5%)
🇺🇸 U.S. Monthly Retail Trade (1-mth) in July exceed forecast and rose to 0.7% compared to previous figure 0.2% in June Census Bureau
🇺🇸 U.S. Retail Trade Control Group in July rose to 1% compared to previous figure 0.5% (revised from 0.6%) Census Bureau
🇦🇺 Australia Wage Price Index (3-mth) in Q2 exceed forecast and rose to 3.6% compared to previous figure 0.8% in Q1

AUDUSD 4-hour Chart by TradingView

What can we expect from AUDUSD today?

AUDUSD on Wednesday dropped -0.52% to 0.64215. 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 0.63978 with break below could see further selling pressure towards S2 at 0.6374. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 0.64803 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 0.64153 would indicate selling pressure.

For the week to-date, take note that AUDUSD is bearish as the pair posted lower by -1.14%.

Key levels to watch out:

Daily Pivot0.6439

You might be interested in:

Minutes of the Federal Open Market Committee, July 25-26, 2023. Federal Reserve
New Residential Construction. Census Bureau
Manufacturing and Trade Inventories and Sales. Census Bureau
Advanced Monthly Sales for Retail and Food Services. Census Bureau

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