AUDUSD on Friday dropped -0.02% to 0.66851. Week ending 2024-01-12 moved lower by -0.47%. What happened.

AUDUSD Analysis

Performance
PeriodPctChgMomentum
Friday-0.02%-1.4 Pips
Week 2024-01-12-0.47%-31.3 Pips
January-1.99%-135.4 Pips

Upcoming key events for the new week (London Time)

Mon 05:00 AM Martin Luther King Jr. Day
Wed 01:30 PM Monthly Retail Trade (1-mth)
Thu 12:30 AM Labour Force Monthly Employment Change
Thu 01:30 PM Initial Unemployment Insurance Claims

What happened over the week

🇺🇸 U.S. Producer Price Index (12-mth) in December below forecast and rose to 1% compared to previous figure 0.8, revised from 0.9% in November
🇺🇸 U.S. Monthly Budget Statement in December below forecast and improved to -129$ compared to previous figure -314$ in November Source: Bureau of the Fiscal Service
🇺🇸 U.S. CPI Inflation Rate (12-mth) in December exceed forecast and rose to 3.4% compared to previous figure 3.1% in November Source: Bureau of Labor Statistics
🇺🇸 U.S. CPI Inflation Rate (1-mth) in December exceed forecast and rose to 0.3% compared to previous figure 0.1% in November Source: Bureau of Labor Statistics
🇺🇸 In the week ending 06 January, U.S. Initial Unemployment Insurance Claims dropped to 202K compared to previous figure 203K (revised from 202K) Source: Department of Labor
🇦🇺 Australia Trade Balance (1-mth) in December below forecast and dropped to 11.437M compared to previous figure 7129M in November Source: Australian Bureau of Statistics
🇦🇺 Australia Exports (1-mth) in December rose to 1.7% compared to previous figure 0.4% in November
🇦🇺 Australia Imports (1-mth) in December dropped to -7.9% compared to previous figure -1.9% in November
🇦🇺 Australia Monthly CPI Inflation Rate (12-mth) in November below forecast and dropped to 4.3% compared to previous figure 4.9% in October Source: Australian Bureau of Statistics
🇦🇺 Australia Retail Trade Turnover (seasonally adjusted) (1-mth) in November exceed forecast and rose to 2% compared to previous figure -0.2% in October Source: Australian Bureau of Statistics

From X (Twitter)


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

AUDUSD on Friday dropped -0.02% to 0.66851. Price is below 9-Day EMA while Stochastic is rising. For the week ending 2024-01-12, the pair dropped -0.47% or -31.3 pips lower.

Looking ahead on Monday, AUDUSD looks mixed as the pair is likely to consolidate above week low of 0.66474.

For the new week, our technical outlook is mixed. To see upside interest, we prefer to look at price breakout of week high of 0.67350 or at least consolidates above Weekly Pivot level of 0.66892. On the downside, we are looking at week low 0.66474 or 0.66433 (WS1) as immediate support level. AUDUSD need to break on either side to indicate a short-term bias. A close below week low of 0.66474 would indicate selling pressure.

For the month of January, AUDUSD is down by -1.99% or -135.4 pips lower.

Weekly key levels to watch out:

R30.68185
R20.67768
R10.67309
Weekly Pivot0.66892
S10.66433
S20.66016
S30.65557

Leave a comment

Your email address will not be published. Required fields are marked *