Dear ,
As requested, let’s look at EURUSD and the recent events that happened in the previous trading session.
AUDUSD Analysis
| Performance | |||||
| Period | Pct | Chg | Momentum | ||
| Friday | 0.24% | 15.9 Pips |  |
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| Week 2024-05-17 | 1.38% | 91 Pips |  |
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| May | 3.35% | 216.9 Pips | |
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Upcoming key events for the new week (London Time)
Tue 02:30 AM RBA Meeting Minutes
Wed 07:00 PM FOMC Meeting Minutes
Thu 01:30 PM Initial Unemployment Insurance Claims
What happened over the week
🇺🇸 U.S. Industrial Production (1-mth) in April dropped to 0% compared to previous figure 0.4% in March
🇺🇸 U.S. Philadelphia Fed Manufacturing Survey in May dropped to 4.5 points compared to previous figure 15.5 points in April
🇺🇸 U.S. CPI Inflation Rate (1-mth) in April dropped to 0.3% compared to previous figure 0.4% in March Source: Bureau of Labor Statistics
🇺🇸 U.S. Monthly Retail Trade (1-mth) in April dropped to 0% compared to previous figure 0.6, revised from 0.7% in March Source: Census Bureau
🇺🇸 U.S. CPI Inflation Rate excluding Food and Energy sectors (1-mth) in April dropped to 0.3% compared to previous figure 0.4% in March Source: Bureau of Labor Statistics
🇺🇸 U.S. New York Empire State Manufacturing Index in May dropped to -15.6 points compared to previous figure -14.3 points in April
🇦🇺 Australia Wage Price Index (3-mth) in Q1 dropped to 0.8% compared to previous figure 1% (revised from 0.9%)
🇺🇸 U.S. Producer Price Index (12-mth) in April rose to 2.2% compared to previous figure 1.8, revised from 2.1% in March
🇺🇸 U.S. Producer Price Index (1-mth) in April rose to 0.5% compared to previous figure -0.1, revised from 0.2% in March
What can we expect from AUDUSD for the new week and what happened on Friday?
AUDUSD on Friday rose 0.24% to 0.66920. Price is above 9-Day EMA while Stochastic is falling in overbought zone. For the week ending 2024-05-17, the pair rose 1.38% or 91 pips higher.
Looking ahead on Monday, AUDUSD looks mixed as the pair is likely to consolidate above week low of 0.65785.
As for the new week, our technical outlook looks bullish, immediate upside resistance level at 0.67446 (WR1) with break above could target 0.67971 (WR2). On the downside, we are looking at week low of 0.65785 as an important support. Break below this level could weaken the current bullish momentum. A break above 0.67141 would suggest bullish bias after recent positive movement.
For the month of May, AUDUSD is up by 3.35% or 216.9 pips higher.
Weekly key levels to watch out:
| R3 | 0.68802 |
| R2 | 0.67971 |
| R1 | 0.67446 |
| Weekly Pivot | 0.66615 |
| S1 | 0.66090 |
| S2 | 0.65259 |
| S3 | 0.64734 |
