Audusd slightly rises amid mixed economic data from us and australia

AUDUSD Analysis

Performance after Wednesday
Period	Pct	Chg	Momentum
Wednesday	0.07%	4.4 Pips
Week to-date	0.59%	37 Pips
March	1.67%	103.5 Pips

Upcoming key events (London Time)

Thu 12:30 PM USD GDP annual rate
Fri 12:30 PM USD PCE Price Index, excluding food and energy (12-mth)

What happened lately

In the United States, the economic data for February presents a mixed picture. Durable goods new orders decreased by 0.9%, reversing from a strong revised increase of 3.2% in January. Nondefense capital goods orders excluding aircraft also declined by 0.3%, following a revised growth of 0.9% in the previous month. However, there are pockets of resilience, as durable goods orders excluding transportation rose by 0.7%, marking an improvement from stagnation in January. The new-home sales data suggests a rebound with a 1.8% increase, contrasting with the sharp fall previously recorded. Nonetheless, the U.S. house price index shows a deceleration, with growth tapering to 0.2% in January from a stronger past performance.

Turning to Australia, the inflation data displays a slight moderation. The Australian Monthly CPI Indicator for February edged down to 2.4% from 2.5% in January, signifying a subtle easing in price pressures according to the Australian Bureau of Statistics. This decrease indicates that inflation is relatively stable but continues to linger close to recent levels.

Considering the AUDUSD pair, the aforementioned economic developments might impact its valuation. Although the U.S. durable goods data reflect some softness, the rise in durable goods orders excluding transportation and robust new-home sales lend support to the U.S. dollar. Conversely, the Australian inflation figures suggest a stable economic environment with moderated price pressures. This dynamic could contribute to a modest strengthening of the Australian dollar, as evidenced by the AUDUSD’s modest rise of 0.07% to 0.63070. However, with significant U.S. economic releases anticipated, such as GDP and the PCE Price Index, the pair might remain in consolidation as these upcoming figures could sway market sentiment decisively. Traders might therefore remain cautious awaiting these high-impact indicators.

Latest from X (Twitter)

Tweets by Australian Bureau of Statistics

What can we expect from AUDUSD today?

AUDUSD on Wednesday rose 0.07% to 0.63070. Price is below 9-Day EMA while Stochastic is rising.

Updated daily direction for AUDUSD looks mixed as the pair is likely to consolidate above 0.63019 (S1).

Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 0.63090 or trades above daily pivot 0.63054. Break above could target R1 at 0.63106. While to the downside, we are looking at 0.63019 (S1) and daily low of 0.63003 as support levels. AUDUSD need to break on either side to indicate a short-term bias. A break above 0.63090 may suggest continuation after recent positive movement.

For the week to-date, take note that AUDUSD is mixed as compared to the prior week.

Key levels to watch out:

#AUDUSD Trending on Twitter

[custom-twitter-feeds hashtag=”#AUDUSD” num=3 showheader=false]