AUDUSD on Wednesday rose 0.46% to 0.6759. Looking bullish. What you need to know before the next trade.

AUDUSD by TradingView

Performance after Wednesday
Period	Pct	Chg	Momentum
Wednesday	0.46%	31 Pips
Week to-date	0.55%	37.1 Pips
February	-4.62%	-326.2 Pips

Upcoming key events (London Time)

Fri 03:00 PM USD ISM Services PMI

What happened lately

📆 ☢️ 🇺🇸 USD ISM Manufacturing PMI in February below forecast and rose to 47.7 points compared to previous figure 47.4 points in January. Source
📆 🇺🇸 USD S&P Global Manufacturing PMI in February below forecast and dropped to 47.3 points compared to previous figure 47.8 points in January. Source
📆 ☢️ 🇦🇺 AUD Monthly Consumer Price Index (YoY) in January below forecast and dropped to 7.4% compared to previous figure 8.4% in December. Source
📆 ☢️ 🇦🇺 AUD Gross Domestic Product (QoQ) in Q4 below forecast and dropped to 0.5% compared to previous figure 0.6% in Q3. Source
📆 🇦🇺 AUD Gross Domestic Product (YoY) in Q4 dropped to 2.7% compared to previous figure 5.9% in Q3. Source
📆 🇺🇸 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
📆 🇺🇸 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
📆 ☢️ 🇺🇸 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 Wednesday rose 0.46% to 0.6759. Price is below 9-Day EMA while Stochastic is rising but in oversold zone.

Updated daily direction for AUDUSD looks bullish as the pair ended higher after Wednesday trading session.

Looking ahead for the day, immediate upside resistance level is at 0.67977 (R1) while on the downside, we are looking at daily low of 0.6692 as an important support. Break below this level could weaken the current bullish momentum. AUDUSD need to break on either side to indicate a short-term bias. A break above 0.6784 would suggest bullish bias after recent positive movement.

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:

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: 11:34 pm UTC, 01-Mar 2023

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