AUD/USD (week of 14-18/11)

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Weekly Summary

Aussie-Dollar is trading around 0.6674, after closing the previous week at 0.6674 (down 0%) .

A good end to the trading week, AUD/USD is up to 0.6674, after closing yesterday at zero. Overall, a 0% move or 6,674 pips this week. (Start trading the Australian dollar at FXTM today).

This move comes while some more positive signs for the Australian dollar are out as Australia Employment Change came out at 32200.000000000004, better than analyst estimates of 15,000 and improving upon the previous reading of -3,800.

Nevertheless, data for United States Initial Jobless Claims published yesterday at 13:30 UTC came out at 222,000, beating projections of 225,000 and showing improvement over the preceding figure of 226,000.

At the same time, United States Existing Home Sales (Oct) released today at 15:00 UTC with a figure of 4.43 million, while the previous figure was 4.71 million. United States Philadelphia Fed Manufacturing Index (Nov) came out at -19.4, while a consensus of analysts was expecting -6.2. United States Building Permits (Oct) released yesterday at 13:30 UTC with a figure of 1.53 million, while the previous figure was 1.56 million.

Furthermore, the market is looking at United States Core Durable Goods Orders is projected to outperform its last figure with 0.1%. It previously stood at -0.5%; data will be released Wednesday.

Elsewhere, Australia RBA Governor Lowe speech set for Tuesday. Australia CFTC AUD speculative net positions is scheduled for Friday.

Nov. 18, 2022

Losing streak continues, the Australian dollar lost 17 pips to 0.6674 adding to its four consecutive days of drops

(23:06) GMT

The Australian dollar remains constrained within a 0.6663 to 0.6732 range and is currently trading around the 0.6674 level.

On the flip side, highly important Employment Change data from Australia beat analyst expectations of 15,000 with a reading of 32200.000000000004.

Amid the market gloom, Australia CFTC AUD speculative net positions released today at 19:30 UTC with a figure of -46,700, while the previous figure was -46,700. United States Existing Home Sales (Oct) came out at 4.43 million, while a consensus of analysts was expecting 4.38 million.

Technical analysis trend indicators suggest that despite being in the red so far in the current trading session, AUD/USD peaked above its 5 day Simple Moving Average around 0.6716 — typically an early indicator of a new bullish trend beginning to emerge. Aussie-Dollar bounced 24 pips away from Fibonacci support at 0.665. As the trading day comes to an end, chart analysis indicates the Australian dollar bounced after reaching the 0.6667 support zone, climbing 6 pips above it.

All in all, the technical analysis suggests the Australian dollar has no clear-cut direction.

In the meantime, negative performances are seen in other pairs, EUR/NZD is down 130 pips from the beginning of the session and now trades around 1.6777. EUR/GBP closed at 0.8685 (down 0.55%).

Though the Australian dollar has been dropping, other pairs have been performing better: GBP/CAD is up 0.63%.

Having set a significant low of 0.6213 a month ago, Aussie-Dollar is trading 7.7% higher.

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