AUDUSD Analysis
| Performance after Wednesday | |||
| Period | Pct | Chg | Momentum |
| Wednesday | 0.46% | 32.0 Pips | ▲ |
| Week to-date | 0.35% | 24.0 Pips | ▲ |
| July | 0.79% | 55.0 Pips | ▲ |
Upcoming key events (GMT+8)
| Time (GMT+8) | Currency | Impact | Event |
| Thu 08:30 PM | USD | HIGH | Monthly Retail Trade (1-mth) |
| Fri 10:00 PM | USD | HIGH | Index of Consumer Sentiment |
What happened lately
The AUDUSD currency pair experienced an upward movement on Wednesday, closing with a 0.46% increase at 0.70060. The trading session saw the pair reach a high of 0.70210 and a low of 0.69660.
The price action coincided with the release of the U.S. Producer Price Index (PPI) excluding Food and Energy sectors for the 12-month period, which was reported at 4.7%. This figure came in below the consensus expectation of 5.2% but slightly above the previous reading of 4.6%. The lower-than-expected PPI data may have contributed to a softer U.S. dollar, providing some support to the Australian dollar against its U.S. counterpart.
Looking ahead, market participants will be closely monitoring upcoming U.S. economic data releases. On Thursday at 08:30 PM GMT+8, the Monthly Retail Trade figures are scheduled, followed by the Index of Consumer Sentiment on Friday at 10:00 PM GMT+8. Both events are expected to have a high impact on the market and could influence the direction of the AUDUSD pair.
The overall market sentiment appears to be cautiously optimistic, with traders reacting to the latest economic data while keeping an eye on upcoming releases that could further impact currency movements.
What can we expect from AUDUSD today?
The AUDUSD pair closed at 0.70060 on Tuesday, marking a 0.46% increase for the day. The daily outlook remains bullish, supported by a rising stochastic and the price trading above the 9-day EMA.
📈 Bull Scenario If the bullish momentum continues, the AUDUSD could test the first resistance level at 0.70293. A break above this level may lead to further gains towards the second resistance at 0.70527. The positive weekly performance and bullish daily outlook could provide additional support for this upward movement. | 📉 Bear Scenario On the downside, a reversal in sentiment could see the pair testing the first support level at 0.69743. Should selling pressure intensify, the next target would be the second support level at 0.69427. Traders should watch for any signs of weakening momentum that could trigger a bearish scenario. |
Key levels to watch out:
| R3 | 0.70843 |
| R2 | 0.70527 |
| R1 | 0.70293 |
| Daily Pivot | 0.69977 |
| S1 | 0.69743 |
| S2 | 0.69427 |
| S3 | 0.69193 |