AUD/USD (week of 16-20/01)

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Weekly Summary

Aussie-Dollar is trading around 0.6971 after ending the previous session at zero (up 0%) .

A good end to the trading week, AUD/USD is up to 0.6971, after closing yesterday at zero. Overall, a 0% move or 6,970 pips this week. (Trade the Australian dollar with FXTM now).

Nevertheless, Employment Change in Australia fell short of market expectations (22,500) with a reading of -14,600, continuing the decline from the previous figure of 58,200. Highly important Crude Oil Inventories data from United States beat analyst expectations of -593,000 with a reading of 8.41 million.

At the same time, Australia CFTC AUD speculative net positions released today at 20:30 UTC with a figure of -33,600, while the previous figure was -33,700. United States Existing Home Sales (Dec) came out at 4 million, while a consensus of analysts was expecting 3.96 million. Fresh Philadelphia Fed Manufacturing Index (Jan) data from United States came out at -8.9.

The market is looking forward to the release of new data: Australia Consumer Price Index figure is projected at 1.6. It previously stood at 1.8; data will be released Wednesday. Australia Trimmed Mean CPI (QoQ) (Q4) is expected Wednesday. Australia Consumer Price Index figure is projected at 7.5%. It previously stood at 7.3%; data will be released Wednesday.

Jan. 20, 2023

Kicking off the session at 0.691, Aussie-Dollar currency pair peaks at 0.6977

(23:06) GMT

Aussie-Dollar rallies 56 pips (0.82%) deep into the session, trading at 0.6971.

Nevertheless, highly important Employment Change data from Australia beat analyst expectations of 22,500 with a reading of -14,600.

At the same time, Australia CFTC AUD speculative net positions released today at 20:30 UTC with a figure of -33,600, while the previous figure was -33,700. United States Existing Home Sales (Dec) came out at 4 million, while a consensus of analysts was expecting 3.96 million.

Although AUD/USD is appreciating today after rising as high as 0.6977, price action is now slowing and consolidating around 29 pips below the 0.7 resistance level. Despite posting gains so far today, Aussie-Dollar slid below its 21 day Simple Moving Average at 0.6862 in earlier trade — an early indicator that a negative trend could be emerging.

Overall, looking at the technical analysis landscape, it seems the Australian dollar is likely to reverse course and start pointing down in the short term.

A look at other currencies also shows bullish price action as EUR/JPY added 1.15% to its value, now trading at 140.67.

While the Australian dollar is up today, these currencies are lagging behind: GBP/NZD closed at 1.915 (down 1.1%). EUR/NZD is down to 1.6768, losing 162 pips, after closing at 1.6931 in the preceding trading session.

As things stand, the Australian dollar is 11.27% away from a significant low of 0.6213 first set 3 months ago.

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