AUDUSD on Friday rose 0.39% to 0.65975. Week ending 2024-01-19 moved lower by -1.32%. What you need to know.

AUDUSD Analysis

Performance
PeriodPctChgMomentum
Friday0.39%25.8 Pips
Week 2024-01-19-1.32%-88.1 Pips
January-3.09%-210.3 Pips

Upcoming key events for the new week (London Time)

Thu 01:30 PM Initial Unemployment Insurance Claims
Thu 01:30 PM GDP Annualized
Thu 02:00 PM Australia Day
Fri 01:30 PM Personal Consumption Expenditures Price Index (12-mth)

What happened over the week

🇺🇸 U.S. Michigan Index of Consumer Sentiment in January preliminary estimate exceed forecast and rose to 78.8 points compared to previous figure 69.7 points in December Source: University of Michigan
🇺🇸 In the week ending 13 January, U.S. Initial Unemployment Insurance Claims dropped to 187K compared to previous figure 202K Source: Department of Labor
🇺🇸 U.S. Philadelphia Fed Manufacturing Survey in January below forecast and improved to -10.6 points compared to previous figure -12.8, revised from -10.5 points in December
🇦🇺 Australia Labour Force Monthly Employment Change in December dropped to -65.1K compared to previous figure 72.6K (revised from 61.5K) Source: Australian Bureau of Statistics
🇦🇺 Australia Consumer Inflation Expectations in January unchanged at 4.5% compared to previous report in December.
🇺🇸 U.S. Industrial Production (1-mth) in December rose to 0.1% compared to previous figure 0.2%
🇺🇸 U.S. Monthly Retail Trade excluding Automobile (1-mth) in December exceed forecast and rose to 0.4% compared to previous figure 0.2% in November
🇦🇺 Australia TD Securities Inflation (12-mth) in December rose to 5.2% compared to previous figure 4.4% in November

From X (Twitter)


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

AUDUSD on Friday rose 0.39% to 0.65975. Price is below 9-Day EMA while Stochastic is rising in oversold zone. For the week ending 2024-01-19, the pair dropped -1.32% or -88.1 pips lower.

Looking ahead on Monday, AUDUSD looks bullish as the pair ended higher after Friday trading session.

For the new week, our technical outlook looks bearish, immediate support level is at 0.65132 (WS1) with break below could see further selling pressure towards 0.64288 (WS2). For potential buyers, as the current momentum is bearish, we prefer to look at firm break of the week high of 0.67045 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 0.65245 would indicate selling pressure.

For the month of January, AUDUSD is down by -3.09% or -210.3 pips lower.

Weekly key levels to watch out:

R30.68732
R20.67888
R10.66932
Weekly Pivot0.66088
S10.65132
S20.64288
S30.63332

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