Forex

AUDUSD on Friday dropped -0.38% to 0.65767. Week ending 2023-12-08 moved lower by -1.42%. What happened.

AUDUSD on Friday dropped -0.38% to 0.65767. Week ending 2023-12-08 moved lower by -1.42%. What happened.
AUDUSD on Friday dropped -0.38% to 0.65767. Week ending 2023-12-08 moved lower by -1.42%.  What happened.

AUDUSD Analysis

Week Ending 2023-12-08
Open High Low Close
0.67 0.67 0.65 0.66
Performance
Period Pct Chg Momentum
Friday -0.38% -25.1 Pips
Week 2023-12-08 -1.42% -94.5 Pips
December -0.4% -26.6 Pips

Upcoming key events for the new week (London Time)

Tue 01:30 PM CPI Inflation Rate (12-mth)
Wed 07:00 PM Fed Interest Rate Decision (Federal Funds Rate)
Thu 12:30 AM Labour Force Monthly Employment Change
Thu 01:30 PM Initial Unemployment Insurance Claims
Thu 01:30 PM Monthly Retail Trade (1-mth)

What happened over the week

?? U.S. Nonfarm Payroll Employment in November exceed forecast and rose to 199K compared to previous figure 150K in October Source: Bureau of Labor Statistics
?? In the week ending 02 December, U.S. Initial Unemployment Insurance Claims rose to 220K compared to previous figure 219K (revised from 218K) Source: Department of Labor
?? U.S. Challenger Job Cuts in November rose to 45.51K compared to previous figure 36.836K in October
?? U.S. Nonfarm Business Labor Productivity in Q3 exceed forecast and rose to 5.2% compared to previous figure 4.7% in Q2 Source: Bureau of Labor Statistics
?? Australia AiG Industry Index in October dropped to -22.4 points compared to previous figure -9.9 points in September
?? U.S. Job Openings and Labor Turnover Survey (JOLTS) in October below forecast and dropped to 8.733M compared to previous figure 9.35, revised from 9.553M in September Source: Bureau of Labor Statistics
?? Australia RBA Interest Rate Decision (Cash Rate Target) unchanged at 4.35% compared to previous rate 4.35% Source: Reserve Bank of Australia
?? U.S. Factory Orders (1-mth) in October exceed forecast and dropped to -3.6% compared to previous figure 2.3, revised from 2.8% in September Source: Census Bureau
?? Australia TD Securities Inflation (12-mth) in November dropped to 4.4% compared to previous figure 5.1% in October

From X (Twitter)


What can we expect from AUDUSD for the new week and what happened on Friday?

AUDUSD on Friday dropped -0.38% to 0.66. Price is below 9-Day EMA while Stochastic is rising. For the week ending 2023-12-08, the pair dropped -1.42% or -94.5 pips lower.

Looking ahead, AUDUSD looks mixed as the pair is likely to consolidate above week low of 0.65.

For the new week, our technical outlook is mixed. To see upside interest, we prefer to look at price breakout of week high of 0.67 or at least consolidates above Weekly Pivot level of 0.66. On the downside, we are looking at week low 0.65 or 0.65 (WS1) as immediate support level. AUDUSD need to break on either side to indicate a short-term bias. A close below week low of 0.65 would indicate selling pressure.

For the month of December, AUDUSD is down by -0.4% or -26.6 pips lower.

Weekly key levels to watch out:

R3 0.68
R2 0.68
R1 0.67
Weekly Pivot 0.66
S1 0.65
S2 0.64
S3 0.63

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