AUD/USD (week of 23-27/01)

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AUD/USD

Weekly Summary

Stalemate for Aussie-Dollar bulls and bears .

A good end to the trading week, AUD/USD is up to 0.7106, after closing yesterday at zero. Overall, a 0% move or 7,106 pips this week. (Start trading Aussie-Dollar at FXTM today).

Nevertheless, data for United States Pending Home Sales published today at 15:00 UTC came out at 2.5%, beating projections of -0.9% and showing improvement over the preceding figure of -2.6%.

At the same time, Australia Consumer Price Index came out at 1.9, while a consensus of analysts was expecting 1.6. Australia CFTC AUD speculative net positions released today at 20:30 UTC with a figure of -33,200, while the previous figure was -33,600. United States Core PCE Price Index (MoM) (Dec) came out at 0.3, while a consensus of analysts was expecting 0.3. Australia Producer Price Index published today at 00:30 UTC came out at 0.7, falling short of the 1.7 projections and continuing its decline from the previous 1.9 figure.

Also worthy of note, projections for Australia Retail Sales are set for a continuation of decline with -1% while previous data was 1.4%; data will be released Tuesday.

Furthermore, the market is looking at Australia AIG Manufacturing Index (Dec) scheduled to come out Tuesday. Australia Building Approvals (MoM) (Dec) is expected Thursday.

Jan. 27, 2023

Is it the end of the Australian dollar's rally? After five days of gains, it is down by 0.15% today

(23:06) GMT

Struggling to find upward momentum, Aussie-Dollar has shed 10 pips to currently trade at 0.7106 as it ranges between 0.7086 and 0.7132 so far today.

Data for United States Pending Home Sales published today at 15:00 UTC came out at 2.5%, beating projections of -0.9% and showing improvement over the preceding figure of -2.6%.

Meanwhile, Australia CFTC AUD speculative net positions released today at 20:30 UTC with a figure of -33,200, while the previous figure was -33,600. United States Core PCE Price Index (MoM) (Dec) came out at 0.3, while a consensus of analysts was expecting 0.3.

AUD/USD made an initial break below its 10 day Simple Moving Average at 0.7, a possible indication of a forthcoming negative trend. Aussie-Dollar's upper Bollinger Band® is at 0.7141 which indicates a further downward move may follow. On the other hand, note that although the Australian dollar is pointing down today (was as low as 0.7086), it's climbing away from the 0.7017 support line and is now 89 pips above it.

Overall, looking at the technical analysis landscape, it seems that although indicators are mixed and some are pointing in different directions further drawbacks may be next for Aussie-Dollar.

In the meantime, negative performances are seen in other pairs, EUR/JPY is down 61 pips from the beginning of the session and now trades around 141.12. EUR/CAD goes down 0.31% to trade around 1.4459. USD/JPY is down 34 pips from the beginning of the session and now trades around 129.8.

The currency pair has been trending positively for about a month. This year has been a bright one for Aussie-Dollar after trading as low as 0.6213 and going on to appreciate by 4.71% year to date.

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