AUDUSD rises 0.18% to 0.67589 amidst mixed U.S. economic data

AUDUSD Analysis

Performance after Tuesday
Period	Pct	Chg	Momentum
Tuesday	0.18%	12 Pips
Week to-date	0.67%	45.1 Pips
September	-0.54%	-36.5 Pips

Upcoming key events (London Time)

Wed 07:00 PM USD Fed Interest Rate Decision (Federal Funds Rate)
Wed 07:00 PM USD Interest Rate Projections
Thu 02:30 AM AUD Labour Force Monthly Employment Change

What happened lately

In August, U.S. Industrial Production saw a significant rebound, increasing to 0.8% from a dismal -0.6% in July. This positive shift signals a robust recovery in the manufacturing and industrial sectors, suggesting higher productivity and potential economic growth. Conversely, the U.S. Retail Trade Control Group fell to 0.3% in August from a revised 0.4% in July, as reported by the Census Bureau. Additionally, U.S. Monthly Retail Trade excluding Automobile for August decreased to 0.1% from 0.4% in July, indicating a slowdown in consumer spending within the retail sector, excluding automotive sales.

The mixed economic data from the United States will likely have a nuanced impact on the AUDUSD pair. While the improvement in industrial production could generally bolster the U.S. Dollar, the soft retail sales figures may dampen investor sentiment toward the currency. After rising 0.18% to 0.67589 on Tuesday, the AUDUSD could experience some volatility. Upcoming high-impact events, such as the U.S. Fed Interest Rate Decision and Fed’s Interest Rate Projections, will be critical in providing further direction. Should the Federal Reserve maintain or hike rates, the U.S. Dollar might strengthen, potentially putting downward pressure on the AUDUSD. Conversely, the Australian Labour Force Monthly Employment Change to be released later in the week could support the Australian Dollar if the employment data is positive, providing some upside potential for the AUDUSD pair.

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What can we expect from AUDUSD today?

AUDUSD on Tuesday rose 0.18% to 0.67589. Price is above 9-Day EMA while Stochastic is rising in overbought zone.

Updated daily direction for AUDUSD looks bullish as the pair ended higher after Tuesday trading session.

Looking ahead for the day, immediate upside resistance level is R1 at 0.67716 with break above could target R2 at 0.67843 or figure level area. While towards the downside, we are looking at daily low of 0.67410 as an important support. Break below this level could weaken the current bullish momentum. A break above 0.67690 may suggest continuation after recent positive movement.

For the week to-date, take note that AUDUSD is bullish as the pair continued to trade higher and is up by 0.67% over the past few days.

Key levels to watch out:

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