AUDUSD on Tuesday dropped -0.15% to 0.6728. End February down by -4.62% or -316.1 pips lower. Pair in consolidation. What you need to know before the next trade.



Tuesday
Open High Low Close
0.67380 0.67574 0.67010 0.67280
Performance after Tuesday
Period Pct Chg Momentum
Tuesday -0.15% -10.1 Pips
Week to-date 0.19% 13.1 Pips
February -4.62% -316.1 Pips

Upcoming key events (London Time)

Wed 03:00 PM USD ISM Manufacturing PMI

What happened lately

๐Ÿ“† โ˜ข๏ธ ๐Ÿ‡ฆ๐Ÿ‡บ AUD Monthly Consumer Price Index (YoY) in January below forecast and dropped to 7.4% compared to previous figure 8.4% in December. Source
๐Ÿ“† โ˜ข๏ธ ๐Ÿ‡ฆ๐Ÿ‡บ AUD Gross Domestic Product (QoQ) in Q4 below forecast and dropped to 0.5% compared to previous figure 0.6% in Q3. Source
๐Ÿ“† ๐Ÿ‡ฆ๐Ÿ‡บ AUD Gross Domestic Product (YoY) in Q4 dropped to 2.7% compared to previous figure 5.9% in Q3. Source
๐Ÿ“† ๐Ÿ‡บ๐Ÿ‡ธ USD Chicago Purchasing Managers’ Index in February below forecast and dropped to 43.6 points compared to previous figure 44.3 points in January. Source
๐Ÿ“† ๐Ÿ‡บ๐Ÿ‡ธ USD Pending Home Sales (MoM) in January exceed forecast and rose to 8.1% compared to previous figure 1.1, revised from 2.5% in December. Source
๐Ÿ“† โ˜ข๏ธ ๐Ÿ‡บ๐Ÿ‡ธ USD Durable Goods Orders in January exceed forecast and dropped to -4.5% compared to previous figure 5.1, revised from 5.6% in December. Source


What can we expect from AUDUSD today?

AUDUSD on Tuesday dropped -0.15% to 0.6728. Price is below 9-Day EMA while Stochastic is rising but in oversold zone.

Updated daily direction for AUDUSD looks mixed as the pair is likely to consolidate above 0.67002 (S1).

Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 0.6757 or trades above daily pivot 0.67288 while to the downside, the daily low of 0.6701 and 0.67002 (S1) as key support levels. AUDUSD need to break on either side to indicate a short-term bias. A close below 0.6701 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.

AUDUSD ended month of February trading session down by -4.62% or -316.1 pips lower.

Key levels to watch out:

R3 0.68130
R2 0.67852
R1 0.67566
Daily Pivot 0.67288
S1 0.67002
S2 0.66724
S3 0.66438

You might also be interested in:

Minutes of the Board’s discount rate meetings from January 23 and February 1, 2023 Source: Federal Reserve
Advance Retail Inventories Source: Census Bureau
Advance U.S. International Trade in Goods Source: Census Bureau
Advance Wholesale Inventories Source: Census Bureau
Advance Monthly Manufacturers’ Shipments, Inventories, and Orders Source: Census Bureau

Last updated: 02:48 am UTC, 01-Mar 2023

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