AUDUSD on Friday rose 0.11% to 0.67138. Week ending 2024-01-05 moved lower by -1.38%. What you need to know.

AUDUSD Analysis

Performance
PeriodPctChgMomentum
Friday0.11%7.1 Pips
Week 2024-01-05-1.38%-94 Pips
January-1.38%-94 Pips

Upcoming key events for the new week (London Time)

Tue 12:30 AM Retail Trade Turnover (seasonally adjusted) (1-mth)
Wed 12:30 AM Monthly CPI Inflation Rate (12-mth)
Thu 12:30 AM Trade Balance (1-mth)
Thu 01:30 PM Initial Unemployment Insurance Claims
Thu 01:30 PM CPI Inflation Rate (12-mth)
Fri 01:30 PM PPI excluding Food and Energy sectors (12-mth)

What happened over the week

🇺🇸 U.S. Factory Orders (1-mth) in November exceed forecast and rose to 2.6% compared to previous figure -3.4, revised from -3.6% in October Source: Census Bureau
🇺🇸 U.S. Average Hourly Earnings (12-mth) in December exceed forecast and rose to 4.1% compared to previous figure 4% in November Source: Bureau of Labor Statistics
🇺🇸 U.S. Nonfarm Payroll Employment in December rose to 216K compared to previous figure 173K (revised from 199K) Source: Bureau of Labor Statistics
🇺🇸 In the week ending 30 December, the advance figure for seasonally adjusted initial jobless claims dropped to 202K compared to previous figure 220K (revised from 218K) Source: Department of Labor
🇺🇸 U.S. Challenger Job Cuts in December dropped to 34.817K compared to previous figure 45.51K in November
🇺🇸 U.S. Job Openings and Labor Turnover Survey (JOLTS) in November below forecast and dropped to 8.79M compared to previous figure 8.852, revised from 8.733M in October Source: Bureau of Labor Statistics

From X (Twitter)


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

AUDUSD on Friday rose 0.11% to 0.67138. Price is below 9-Day EMA while Stochastic is rising in oversold zone. For the week ending 2024-01-05, the pair dropped -1.38% or -94 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 looks bearish, immediate support level is at 0.66229 (WS1) with break below could see further selling pressure towards 0.65319 (WS2). For potential buyers, as the current momentum is bearish, we prefer to look at firm break of the week high of 0.68390 as an important indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below week low of 0.66400 would indicate selling pressure.

For the month of January, AUDUSD is down by -1.38% or -94 pips lower.

Weekly key levels to watch out:

R30.70209
R20.69299
R10.68219
Weekly Pivot0.67309
S10.66229
S20.65319
S30.64239

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