AUDUSD on Friday rose 0.25% to 0.67830. Week ending 2024-07-12 rose 0.54%. What’s going on.

AUDUSD Analysis

Performance
Period	Pct	Chg	Momentum
Friday	0.25%	16.7 Pips
Week 2024-07-12	0.54%	36.4 Pips	July	1.63%	109 Pips

Upcoming key events for the new week (London Time)

Tue 01:30 PM Monthly Retail Trade (1-mth)
Thu 02:30 AM Labour Force Monthly Employment Change
Thu 01:30 PM Initial Unemployment Insurance Claims

What happened over the week

🇺🇸 U.S. Michigan Index of Consumer Sentiment in July flash estimate dropped to 66 points compared to previous figure 68.2 points in June Source: University of Michigan
🇺🇸 U.S. Producer Price Index (1-mth) in June rose to 0.2% compared to previous figure -0.2% in May Source: Bureau of Labor Statistics
🇺🇸 U.S. Producer Price Index (12-mth) in June rose to 2.6% compared to previous figure 2.4% (revised from 2.2%) Source: Bureau of Labor Statistics
🇺🇸 U.S. Monthly Budget Statement in June improved to -66$ compared to previous figure -347$ in May Source: Bureau of the Fiscal Service
🇺🇸 U.S. CPI Inflation Rate (1-mth) in June dropped to -0.1% compared to previous figure 0% in May Source: Bureau of Labor Statistics
🇺🇸 In the week ending 06 July, U.S. Initial Unemployment Insurance Claims dropped to 222K compared to previous figure 239K (revised from 238K) Source: Department of Labor
🇺🇸 U.S. CPI Inflation Rate (12-mth) in June dropped to 3% compared to previous figure 3.3% in May Source: Bureau of Labor Statistics

From X (Twitter)

“Retail turnover was boosted this month by watchful shoppers taking advantage of early end-of-financial year promotions and sales events," Robert Ewing, ABS head of business statistics

Visit https://t.co/DU4X6GUt8d pic.twitter.com/7Zrst62Zb2

— Australian Bureau of Statistics (@ABSStats) July 3, 2024

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

AUDUSD on Friday rose 0.25% to 0.68. Price is above 9-Day EMA while Stochastic is falling. For the week ending 2024-07-12, the pair rose 0.54% or 36.4 pips higher.

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

For the new week, our technical outlook looks bullish, immediate upside resistance level at 0.68 (WR1) with break above could target 0.68 (WR2). On the downside, we are looking at week low of 0.67 as an important support. Break below this level could weaken the current bullish momentum. A break above 0.68 would suggest bullish bias after recent positive movement.

For the month of July, AUDUSD is up by 1.63% or 109 pips higher.

Weekly key levels to watch out:

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