AUDUSD on Wednesday dropped -1.14% to 0.6905. Looking bearish. What you need to know before the next trade.

AUDUSD by TradingView

Performance after Wednesday
Period	Pct	Chg	Momentum
Wednesday	-1.14%	-79.7 Pips
Week to-date	-0.13%	-8.9 Pips
February	-2.11%	-148.8 Pips

Upcoming key events (London Time)

Thu 12:30 AM AUD Employment Change s.a.
Thu 12:30 AM AUD Unemployment Rate s.a.
Thu 10:30 PM AUD RBA’s Governor Lowe speech
Thu 10:30 PM AUD RBA’s Governor Lowe speech

What happened lately

📆 ☢️ 🇺🇸 USD Retail Sales Control Group in January exceed forecast and rose to 1.7% compared to previous figure -0.7% in December. Source
📆 ☢️ 🇺🇸 USD Consumer Price Index ex Food & Energy (YoY) in January exceed forecast and dropped to 5.6% compared to previous figure 5.7% in December. Source
📆 🇦🇺 AUD Westpac Consumer Confidence in February exceed forecast and dropped to -6.9% compared to previous figure 5% in January. Source

What can we expect from AUDUSD today?

AUDUSD on Wednesday dropped -1.14% to 0.6905. Price is below 9-Day EMA while Stochastic is rising.

Updated daily direction for AUDUSD looks bearish as the pair posted lower in Wednesday trading session.

Looking ahead for the day, immediate support level is at 0.68485 (S1) with break below could see further selling pressure towards 0.67917 (S2). To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 0.6987 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. AUDUSD need to break on either side to indicate a short-term bias. A close below 0.6861 would indicate selling pressure.

For the week to-date, take note that AUDUSD is mixed as the current price action remain uncertain due to trader indecisiveness.

Key levels to watch out:

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CPI for all items rises 0.5% in January as shelter increases Source: Bureau of Labor Statistics Publications
Monthly Business Survey: January 2023 Source: NAB Group Economics

Last updated: 11:31 pm UTC, 15-Feb 2023

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