AUDUSD on Friday dropped -0.97% to 0.65630. Week ending 2024-03-15 moved lower by -0.89%. What happened.

AUDUSD Analysis

Performance
PeriodPctChgMomentum
Friday-0.97%-64.6 Pips
Week 2024-03-15-0.89%-58.8 Pips
March1.03%67.1 Pips

Upcoming key events for the new week (London Time)

Tue 03:30 AM RBA Interest Rate Decision (Cash Rate Target)
Wed 06:00 PM FOMC Monetary Policy Statement
Wed 06:00 PM FOMC Economic Projections
Wed 06:00 PM Fed Interest Rate Decision (Federal Funds Rate)
Thu 12:30 AM Labour Force Monthly Employment Change
Thu 12:30 PM Initial Unemployment Insurance Claims

What happened over the week

🇺🇸 U.S. Michigan Index of Consumer Sentiment in March flash estimate dropped to 76.5 points compared to previous figure 76.9 points in February Source: University of Michigan
🇺🇸 U.S. Industrial Production (1-mth) in February rose to -0.1% compared to previous figure -0.5% (revised from -0.1%)
🇺🇸 U.S. Monthly Retail Trade (1-mth) in February rose to 0.6% compared to previous figure -0.8% in January Source: Census Bureau
🇺🇸 U.S. PPI excluding Food and Energy sectors (12-mth) in February unchanged at 2% compared to previous report in January.
🇺🇸 U.S. Producer Price Index (1-mth) in February rose to 0.6% compared to previous figure 0.3% in January
🇺🇸 U.S. Monthly Budget Statement in February dropped to -296$ compared to previous figure -22$ in January Source: Bureau of the Fiscal Service
🇺🇸 U.S. CPI Inflation Rate (12-mth) in February rose to 3.2% compared to previous figure 3.1% in January Source: Bureau of Labor Statistics
🇺🇸 U.S. CPI Inflation Rate (1-mth) in February rose to 0.4% compared to previous figure 0.3% in January 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 dropped -0.97% to 0.65630. Price is below 9-Day EMA while Stochastic is falling. For the week ending 2024-03-15, the pair dropped -0.89% or -58.8 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 0.66388 or at least consolidates above Weekly Pivot level of 0.65853. On the downside, we are looking at week low 0.65541 or 0.65318 (WS1) as immediate support level. AUDUSD need to break on either side to indicate a short-term bias. A close below week low of 0.65541 would indicate selling pressure.

For the month of March, AUDUSD is up by 1.03% or 67.1 pips higher.

Weekly key levels to watch out:

R30.67012
R20.66700
R10.66165
Weekly Pivot0.65853
S10.65318
S20.65006
S30.64471

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