AUDUSD on Friday dropped -0.85% to 0.65140. Week ending 2024-03-22 moved lower by -0.7%. What you need to know.

AUDUSD Analysis

Friday-0.85%-55.6 Pips
Week 2024-03-22-0.7%-46 Pips
March0.28%18.1 Pips

Upcoming key events for the new week (London Time)

Wed 12:30 AM Monthly CPI Indicator (12-mth)
Thu 12:30 AM Retail Trade Turnover (seasonally adjusted) (1-mth)
Thu 12:30 PM Initial Unemployment Insurance Claims
Thu 12:30 PM GDP Annualized
Thu 02:00 PM Good Friday
Fri 05:00 AM Good Friday
Fri 12:30 PM Personal Consumption Expenditures Price Index (1-mth)
Fri 12:30 PM Personal Consumption Expenditures Price Index (12-mth)

What happened over the week

🇺🇸 U.S. Philadelphia Fed Manufacturing Survey in March dropped to 3.2 points compared to previous figure 5.2 points in February
🇺🇸 U.S. Fed Interest Rate Decision (Federal Funds Rate) unchanged at 5.5% compared to previous rate 5.5% Source: Federal Reserve
🇺🇸 U.S. Interest Rate Projections – 1st year below forecast and dropped to 3.9% compared to previous rate 4.6%
🇺🇸 U.S. Building Permits (1-mth) in February rose to 1.518M compared to previous figure 1.489, revised from 1.47M in January Source: Census Bureau
🇦🇺 Australia RBA Interest Rate Decision (Cash Rate Target) unchanged at 4.35% compared to previous rate 4.35% Source: Reserve Bank of Australia

From X (Twitter)

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

AUDUSD on Friday dropped -0.85% to 0.65140. Price is below 9-Day EMA while Stochastic is rising. For the week ending 2024-03-22, the pair dropped -0.7% or -46 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 looks bearish, immediate support level is at 0.64669 (WS1) with break below could see further selling pressure towards 0.64198 (WS2). For potential buyers, as the current momentum is bearish, we prefer to look at firm break of the week high of 0.66345 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 0.65036 would indicate selling pressure.

For the month of March, AUDUSD is up by 0.28% or 18.1 pips higher.

Weekly key levels to watch out:

Weekly Pivot0.65507

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