AUDUSD on Friday dropped -0.31% to 0.66820. Week ending 2024-07-19 moved lower by -1.33%. What you need to know.

AUDUSD Analysis

Performance
Period	Pct	Chg	Momentum
Friday	-0.31%	-20.9 Pips
Week 2024-07-19	-1.33%	-90 Pips
July	0.12%	8 Pips

Upcoming key events for the new week (London Time)

Thu 01:30 PM Initial Unemployment Insurance Claims
Thu 01:30 PM GDP annual rate
Fri 01:30 PM Personal Consumption Expenditures Price Index (1-mth)
Fri 01:30 PM Personal Consumption Expenditures Price Index (12-mth)

What happened over the week

🇺🇸 In the week ending 13 July, U.S. Initial Unemployment Insurance Claims rose to 243K compared to previous figure 223K (revised from 222K) Source: Department of Labor
The U.S. Manufacturing Business Outlook Survey in July rose to 13.9 points from the previous figure of 1.3 points in June. Source: Philadelphia Fed
🇦🇺 Australia Labour Force Monthly Employment Change in June rose to 50.2K compared to previous figure 39.5K (revised from 39.7K) Source: Australian Bureau of Statistics
Australia’s National Australia Bank’s Business Confidence (3-month) in Q2 rose to 4 points, compared to -2 points in Q1.
Australia’s Labour Force Unemployment Rate in June rose to 4.1% from 4% in May. Source: Australian Bureau of Statistics
🇺🇸 U.S. Industrial Production (1-mth) in June dropped to 0.9% compared to previous figure 1% (revised from 0.9%)
🇺🇸 U.S. Monthly Retail Trade (1-mth) in June dropped to 0% compared to previous figure 0.1% in May Source: Census Bureau

From X (Twitter)

"With employment rising by around 50,000 people and the number of unemployed growing by 10,000 people, the unemployment rate rose slightly to 4.1%, and the participation rate rose to 66.9%," @Bjorn_Jarvis , ABS head of labour statistics

Visit https://t.co/iDU2e09k1I pic.twitter.com/hvJrWlY7cc

— Australian Bureau of Statistics (@ABSStats) July 18, 2024

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

AUDUSD on Friday dropped -0.31% to 0.67. Price is below 9-Day EMA while Stochastic is falling in oversold zone. For the week ending 2024-07-19, the pair dropped -1.33% or -90 pips lower.

Looking ahead, 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 0.67 (WS1) with break below could see further selling pressure towards 0.66 (WS2). For potential buyers, as the current momentum is bearish, we prefer to look at firm break of the week high of 0.68 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 0.67 would indicate selling pressure.

For the month of July, AUDUSD is up by 0.12% or 8 pips higher.

Weekly key levels to watch out:

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