AUDUSD on Friday rose 0.46% to 0.65257. Week ending 2024-03-01 moved lower by -0.6%. What happened.

AUDUSD Analysis

Performance
PeriodPctChgMomentum
Friday0.46%29.8 Pips
Week 2024-03-01-0.6%-39.7 Pips
March0.43%27.7 Pips

Upcoming key events for the new week (London Time)

Wed 12:30 AM GDP (3-mth)
Thu 12:30 AM Trade Balance (1-mth)
Thu 01:30 PM Initial Unemployment Insurance Claims
Thu 03:00 PM Federal Reserve Chair Jerome Powell testifies
Fri 01:30 PM Nonfarm Payroll Employment

What happened over the week

🇺🇸 U.S. Michigan Index of Consumer Sentiment in February dropped to 76.9 points compared to previous figure 79.6 points in January Source: University of Michigan
🇺🇸 U.S. Personal Consumption Expenditures – Price Index (1-mth) in January rose to 0.3% compared to previous figure 0.2% in December
🇺🇸 U.S. Personal Income (1-mth) in January rose to 1% compared to previous figure 0.3% in December Source: Bureau of Economic Analysis
🇦🇺 Australia Retail Trade Turnover (seasonally adjusted) (1-mth) in January rose to 1.1% compared to previous figure -2.7% in December Source: Australian Bureau of Statistics
🇦🇺 Australia Private New Capital Expenditure in Q4 rose to 0.8% compared to previous figure 0.6% in Q3
🇺🇸 U.S. Core Personal Consumption Expenditures (3-mth) in Q4 flash estimate rose to 2.1% compared to previous figure 2% in Q3 Source: Bureau of Economic Analysis
🇺🇸 U.S. GDP Annualized in Q4 flash estimate dropped to 3.2% compared to previous figure 3.3% in Q3 Source: Bureau of Economic Analysis
🇦🇺 Australia Monthly CPI Indicator (12-mth) in January unchanged at 3.4% compared to previous report in December. Source: Australian Bureau of Statistics
🇺🇸 U.S. Housing Price Index (1-mth) in December dropped to 0.1% compared to previous figure 0.4, revised from 0.3% in November
🇺🇸 U.S. Durable Goods Orders in January dropped to -6.1% compared to previous figure -0.3, revised from 0% in December Source: Census Bureau

From X (Twitter)


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

AUDUSD on Friday rose 0.46% to 0.65257. Price is below 9-Day EMA while Stochastic is falling. For the week ending 2024-03-01, the pair dropped -0.6% or -39.7 pips lower.

Looking ahead on Monday, AUDUSD looks mixed as the pair is likely to consolidate above week low of 0.64873.

For the new week, our technical outlook is mixed. To see upside interest, we prefer to look at price breakout of week high of 0.65661 or at least consolidates above Weekly Pivot level of 0.65264. On the downside, we are looking at week low 0.64873 or 0.64866 (WS1) as immediate support level. AUDUSD need to break on either side to indicate a short-term bias. A close below week low of 0.64873 would indicate selling pressure.

For the month of March, AUDUSD is up by 0.43% or 27.7 pips higher.

Weekly key levels to watch out:

R30.66442
R20.66052
R10.65654
Weekly Pivot0.65264
S10.64866
S20.64476
S30.64078

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