Audusd rises amid mixed U.S. economic performance and higher unemployment claims

AUDUSD Analysis

Performance after Thursday
Period	Pct	Chg	Momentum
Thursday	0.7%	44.6 Pips
Week to-date	0.44%	28 Pips
April	2.54%	158.9 Pips

Upcoming key events (London Time)

No major events for the day.

What happened lately

In the week ending on the 19th of April, the U.S. economy showed a mixed performance according to the latest data. The number of initial unemployment insurance claims increased to 222K, suggesting some downward pressure in the labor market compared to the previous revised figure of 216K. However, partial rebounds were observed in business investments, as evidenced by the slight increase in nondefense capital goods orders (excluding aircraft) by 0.1% in March, following a decline of -0.2% in February. The durable goods sector experienced a significant surge in new orders, rising by 9.2% in March from a revised 1% in February, and orders excluding defense increased notably by 10.4% compared to the previous 0.8%. Despite these gains, orders excluding transportation remained stagnant, maintaining a 0% change as opposed to the 0.7% seen in February. The real estate market showed a positive trend, with new-home sales rising by a robust 7.4% in March, a considerable improvement from 1.8% in February, signaling increasing consumer confidence and demand in the housing sector.

The currency pair AUDUSD experienced an upward trend, rising by 0.7% to 0.64048 on Thursday. Despite the encouraging figures from the U.S. regarding durable goods orders and new-home sales, which typically would support a stronger USD, the current rising unemployment claims may have contributed to a weaker dollar sentiment. This, in turn, favored the Australian dollar in the absence of significant domestic economic events for Australia. As the pair consolidates, further movements may depend on upcoming data releases and market sentiment driven by economic indicators from both countries. Traders will be closely watching for any developments that could cause fluctuations, though for now, the AUDUSD may remain stable in light of the mixed nature of U.S. economic data.

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What can we expect from AUDUSD today?

AUDUSD on Thursday rose 0.7% to 0.64048. Price is above 9-Day EMA while Stochastic is rising.

Updated daily direction for AUDUSD looks mixed as the pair is likely to consolidate above 0.63608 (S1).

Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 0.64132 or trades above daily pivot 0.6387. Break above could target R1 at 0.6431. While to the downside, we are looking at 0.63608 (S1) and daily low of 0.63430 as support levels. AUDUSD need to break on either side to indicate a short-term bias. A break above 0.64132 may suggest continuation after recent positive movement.

For the week to-date, take note that AUDUSD is bullish as the pair continued to trade higher and is up by 0.44% over the past few days.

Key levels to watch out:

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