AUDUSD on Wednesday dropped -0.53% to 0.6812. Looking bearish. What you need to know before the next trade.

AUDUSD by TradingView

Performance after Wednesday
Period	Pct	Chg	Momentum
Wednesday	-0.53%	-36.1 Pips
Week to-date	-0.93%	-63.7 Pips
February	-3.39%	-239 Pips

Upcoming key events (London Time)

Thu 01:30 PM USD Gross Domestic Product Annualized

What happened lately

📆 🇦🇺 AUD Wage Price Index (QoQ) in Q4 below forecast and dropped to 0.8% compared to previous figure 1% in Q3. Source
📆 🇺🇸 USD S&P Global Composite PMI in February preliminary estimate exceed forecast and rose to 50.2 points compared to previous figure 46.8 points in January. Source
📆 🇺🇸 USD S&P Global Services PMI in February preliminary estimate exceed forecast and rose to 50.5 points compared to previous figure 46.8 points in January. Source
📆 🇦🇺 AUD S&P Global Services PMI in February preliminary estimate exceed forecast and rose to 49.2 points compared to previous figure 48.6 points in January. Source

What can we expect from AUDUSD today?

AUDUSD on Wednesday dropped -0.53% to 0.6812. Price is below 9-Day EMA while Stochastic is falling but in oversold zone.

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 0.67827 (S1) with break below could see further selling pressure towards 0.67531 (S2). To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 0.6865 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 0.6794 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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Minutes of the Federal Open Market Committee, January 31–February 1, 2023 Source: Federal Reserve

Last updated: 11:31 pm UTC, 22-Feb 2023

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