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AUD/USD

Jan. 31, 2023

Aussie-Dollar trades at 0.7028 after United States Consumer Confidence falls short of expectations

Live - Updated 56 minutes ago.

The Australian dollar drops from 0.7062 to 0.7028, losing 33 pips (0.47%) today.

United States's Consumer Confidence new data released of 107.1 below its previous figure.
Today's losses are adding to a 3 day bearish run, during which the Australian dollar lost 81 pips of its value.

Highly important Retail Sales data from Australia beat analyst expectations of -0.3% with a reading of -3.9%. Highly important Consumer Confidence data from United States beat analyst expectations of 109 with a reading of 107.1.

AUD/USD made an initial break below its 21 day Simple Moving Average at 0.6984, a possible indication of a forthcoming negative trend. Price action remains constrained around the key Fibonacci level of 0.7 currently serving as support. If price action breaks below, the next Fib hurdle is 0.6964. Despite this, Aussie-Dollar could begin to recover as it approaches significant support, now 16 pips away from 0.7012. Dipping below could be an indication that further losses are ahead.

Looking forward, Aussie-Dollar is poised to extend its strong downtrend and continue declining.

Australia AIG Manufacturing Index (Dec) is expected today at 21:30 UTC. United States Crude Oil Inventories projected to come out at -1,000,000 — worse than previous data of 533,000; data will be released tomorrow at 15:30 UTC.

GBP/JPY is down to 159.86, losing 116 pips, after closing at 161.03 in the preceding trading session. EUR/JPY is down 59 pips from the beginning of the session and now trades around 140.88. USD/JPY slumps 0.39% to trade around 129.84.

The currency pair has been trending positively for about a month. The Australian dollar has gained 3.85% since its lowest print of 0.6213 earlier this year.

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Week to date

The Australian dollar ends yesterday stable around 0.7028 .

Trading week at a glance - AUD/USD is up to 0.7028, after closing yesterday at zero. Overall, a 0% move or 7,028 pips this week. (Trade Aussie-Dollar with FXTM now).

This move comes while some more positive signs for the Australian dollar are out as United States Consumer Confidence published today at 15:00 UTC came out at 107.1, falling short of the 109 projections and continuing its decline from the previous 109 figure.

Nevertheless, following a previous reading of 1.4%, Retail Sales in Australia released today at 00:30 UTC fell short of the -0.3% figure expected by analysts with an actual reading of -3.9%.

At the same time, Australia Consumer Price Index released Wednesday with a figure of 1.9, while the previous figure was 1.8. Australia Private Sector Credit published today at 00:30 UTC came out at 0.3%, falling short of the 0.5% projections and continuing its decline from the previous 0.5% figure. Australia CFTC AUD speculative net positions released Friday with a figure of -33,200, while the previous figure was -33,600.

The market is looking forward to the release of new data: Australia Interest Rate is expected Tuesday. Australia Building Approvals (MoM) (Dec) is scheduled for Thursday. Australia AIG Manufacturing Index (Dec) is expected today at 21:30 UTC.

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