AUDUSD Analysis

Performance
Period	Pct	Chg	Momentum
Friday	-0.11%	-7 Pips
Week 2023-11-10	-2.28%	-148.6 Pips
November	0.36%	22.9 Pips

Upcoming key events for the new week (London Time)

Tue 01:30 PM CPI Inflation Rate (1-mth)
Tue 01:30 PM CPI Inflation Rate (12-mth)
Wed 01:30 PM PPI excluding Food and Energy sectors (12-mth)
Wed 01:30 PM Monthly Retail Trade (1-mth)
Thu 12:30 AM Labour Force Monthly Employment Change
Thu 12:30 AM Labour Force Unemployment Rate
Thu 01:30 PM Initial Unemployment Insurance Claims

What happened over the week

🇺🇸 U.S. UoM 5-year Consumer Inflation Expectation in November preliminary estimate exceed forecast and rose to 3.2% compared to previous figure 3% in October Source: University of Michigan
🇺🇸 U.S. Michigan Index of Consumer Sentiment in November preliminary estimate below forecast and dropped to 60.4 points compared to previous figure 63.8 points in October Source: University of Michigan
🇦🇺 Australia RBA Interest Rate Decision (Cash Rate Target) rose to 4.35% compared to previous rate 4.1% Source: Reserve Bank of Australia
🇦🇺 Australia TD Securities Inflation (12-mth) in October dropped to 5.1% compared to previous figure 5.7% in September

From X (Twitter)

At its meeting today, the Board decided to raise the cash rate target by 25 basis points to 4.35 per cent. It also increased the interest rate paid on Exchange Settlement balances by 25 basis points to 4.25 per cent. https://t.co/s2DU9X8Yvy

— Reserve Bank of Australia (@RBAInfo) November 7, 2023

What can we expect from AUDUSD for the new week and what happened on Friday?

AUDUSD on Friday dropped -0.11% to 0.63594. Price is below 9-Day EMA while Stochastic is falling. For the week ending 2023-11-10, the pair dropped -2.28% or -148.6 pips lower.

Looking ahead on Monday, AUDUSD looks bearish as the pair posted lower in Friday trading session.

For the new week, our technical outlook is mixed. To see upside interest, we prefer to look at price breakout of week high of 0.65227 or at least consolidates above Weekly Pivot level of 0.64067. On the downside, we are looking at week low 0.63381 or 0.62908 (WS1) as immediate support level. AUDUSD need to break on either side to indicate a short-term bias. A close below week low of 0.63381 would indicate selling pressure.

For the month of November, AUDUSD is up by 0.36% or 22.9 pips higher.

Weekly key levels to watch out:

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