AUDUSD on Thursday dropped -0.39% to 0.6733. Pair in consolidation. What goes around.

AUDUSD by TradingView

Performance after Thursday
Period	Pct	Chg	Momentum
Thursday	-0.39%	-26.3 Pips
Week to-date	0.17%	11.4 Pips
February	-4.55%	-320.9 Pips

Upcoming key events (London Time)

Fri 03:00 PM USD ISM Services PMI

What happened lately

AUD S&P Global Services PMI in February rose to 50.7 points compared to previous figure 48.6 points (revised from 49.2 points). Source
📆 🇺🇸 USD Unit Labor Costs in Q4 exceed forecast and rose to 3.2% compared to previous figure 1.1% in Q3. Source
🇺🇸 📆 USD In the week ending 25 February, the Initial Jobless Claims dropped to 190K compared to previous figure 192K. Source
📆 🇦🇺 AUD Building Permits (MoM) in January below forecast and dropped to -27.6% compared to previous figure 18.5% in December. Source
📆 ☢️ 🇺🇸 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

What can we expect from AUDUSD today?

AUDUSD on Thursday dropped -0.39% to 0.6733. 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 0.67029 (S1).

Looking ahead today, we are looking at 0.6784 or 0.67649 (R1) as important resistance level while to the downside, the daily low of 0.6704 and 0.67029 (S1) as key support levels. AUDUSD need to break on either side to indicate a short-term bias. A close below 0.6704 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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Last updated: 11:34 pm UTC, 02-Mar 2023

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