AUDUSD on Friday dropped -0.4% to 0.67030. Week ending 2024-09-13 rose 0.48%. What happened.

AUDUSD Analysis

Performance
Period	Pct	Chg	Momentum
Friday	-0.4%	-26.6 Pips
Week 2024-09-13	0.48%	32.2 Pips
September	-1.37%	-92.8 Pips

Upcoming key events for the new week (London Time)

Tue 01:30 PM Monthly Retail Trade (1-mth)
Wed 07:00 PM Fed Interest Rate Decision (Federal Funds Rate)
Wed 07:00 PM Interest Rate Projections
Thu 02:30 AM Labour Force Monthly Employment Change
Thu 01:30 PM Initial Unemployment Insurance Claims

What happened over the week

In the United States, several key economic indicators were recently reported. The University of Michigan’s Index of Consumer Sentiment for September improved to 69 points, up from 67.9 points in August. The U.S. Department of Labor noted that initial unemployment insurance claims for the week ending 07 September increased slightly to 230K from the revised figure of 228K. The Bureau of Labor Statistics reported a decline in the year-on-year U.S. Producer Price Index for August to 1.7%, down from the revised 2.2% for July. However, the month-on-month PPI saw a marginal increase, rising to 0.2% in August compared to 0.1% in July. The U.S. Consumer Price Index (CPI) inflation rate for August remained stable at 0.2% monthly, the same as in July, but the annual CPI inflation rate decreased to 2.5% from 2.9% in July.

The AUDUSD currency pair experienced a 0.4% decline to 0.67030 on Friday, although it showed an overall increase of 0.48% for the week ending 2024-09-13. The recent mixed economic data from the U.S., including steady consumer sentiment and lower year-on-year PPI but higher month-on-month PPI and initial jobless claims, indicate potential volatility in the coming days. Investors will closely watch the upcoming U.S. Monthly Retail Trade data, Federal Interest Rate Decision, and Interest Rate Projections. On the Australian side, the Labour Force Monthly Employment Change will be significant. The mixed signals from U.S. economic data might contribute to the AUDUSD pair’s fluctuations, particularly if the upcoming data diverges substantially from expectations.

From X (Twitter)

“Business turnover rose 1.0% in July in seasonally adjusted terms following falls in the previous two months," Robert Ewing, ABS head of business statistics

Visit https://t.co/Ht2nNQdaQG pic.twitter.com/FpQ9vPSTJ1

— Australian Bureau of Statistics (@ABSStats) September 9, 2024

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

AUDUSD on Friday dropped -0.4% to 0.67. Price is below 9-Day EMA while Stochastic is rising. For the week ending 2024-09-13, the pair rose 0.48% or 32.2 pips higher.

Looking ahead, 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 0.67 or at least consolidates above Weekly Pivot level of 0.67. On the downside, we are looking at week low 0.66 or 0.66 (WS1) as immediate support level. AUDUSD need to break on either side to indicate a short-term bias. A break above 0.67 would suggest bullish bias after recent positive movement.

For the month of September, AUDUSD is down by -1.37% or -92.8 pips lower.

Weekly key levels to watch out:

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