AUDUSD on Friday dropped -0.01% to 0.68775. Week ending 2023-02-17 moved lower by -0.53%. Pair in consolidation. What you need to know.

AUDUSD by TradingView

Performance
Period	Pct	Chg	Momentum
Friday	-0.01%	-0.6 Pips
Week 2023-02-17	-0.53%	-36.8 Pips
February	-2.50%	-176.7 Pips

Next week key events (London Time)

Mon 05:00 AM USD Presidents’ Day
Tue 12:30 AM AUD RBA Meeting Minutes
Wed 07:00 PM USD FOMC Minutes
Thu 01:30 PM USD Gross Domestic Product Annualized

What happened over the week

📆 🇺🇸 USD Philadelphia Fed Manufacturing Survey in February below forecast and dropped to -24.3 points compared to previous figure -8.9 points in January. Source
📆 ☢️ 🇦🇺 AUD Employment Change s.a. in January below forecast and improved to -11.5K compared to previous figure -14.6K in December. Source
📆 ☢️ 🇦🇺 AUD Unemployment Rate s.a. in January exceed forecast and rose to 3.7% compared to previous figure 3.5% in December. Source
📆 🇦🇺 AUD Full-Time Employment in January dropped to -43.3K compared to previous figure 17.6K in December. Source
📆 🇦🇺 AUD Consumer Inflation Expectations in February below forecast and dropped to 5.1% compared to previous figure 5.6% in January. Source
📆 ☢️ 🇺🇸 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 for the new week and what happened on Friday?

AUDUSD on Friday dropped -0.01% to 0.68775. Price is below 9-Day EMA while Stochastic is falling. For the week ending 2023-02-17, the pair dropped -0.53% or -36.8 pips lower.

Looking ahead on Monday after previous session, AUDUSD looks mixed as the pair is likely to consolidate above week low of 0.68080.

For the new week, our technical outlook is mixed. To see upside interest, we prefer to look at price breakout of last week high of 0.70294 or at least trades above Weekly Pivot level of 0.69050. On the downside, we are looking at last week low 0.68080 or 0.67805 (WS1) as immediate support level. AUDUSD need to break on either side to indicate a short-term bias. A close below last week low of 0.68080 would indicate selling pressure.

For the month of February, AUDUSD is down by -2.50% or -176.7 pips lower.

Weekly key levels to watch out:

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Advanced Monthly Sales for Retail and Food Services Source: Census Bureau
PPI for final demand advances 0.7% in January; goods rise 1.2%, services increase 0.4% Source: Bureau of Labor Statistics Publications
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Manufacturing and Trade Inventories and Sales Source: Census Bureau
Advanced Monthly Sales for Retail and Food Services Source: Census Bureau
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

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