AUDUSD Weekly Forecast | 22nd May 2023
Fundamental Backdrop
Technical Confluences
Idea
This week with no major news events for AUD, we could see price continue bearish towards the major support at 0.65950.
NOT FINANCIAL ADVICE DISCLAIMER
The trading related ideas posted by OlympusLabs are for educational and informational purposes only and should not be considered as financial advice. Trading in financial markets involves a high degree of risk, and individuals should carefully consider their investment objectives, financial situation, and risk tolerance before making any trading decisions based on our ideas.
We are not a licensed financial advisor or professional, and the information we are providing is based on our personal experience and research. We make no guarantees or promises regarding the accuracy, completeness, or reliability of the information provided, and users should do their own research and analysis before making any trades.
Users should be aware that trading involves significant risk, and there is no guarantee of profit. Any trading strategy may result in losses, and individuals should be prepared to accept those risks.
OlympusLabs and its affiliates are not responsible for any losses or damages that may result from the use of our trading related ideas or the information provided on our platform. Users should seek the advice of a licensed financial advisor or professional if they have any doubts or concerns about their investment strategies.
- The Wage Price Index q/q maintained at 0.8% which shows that the economy has not improved.
- Employment Change suffered significantly, dropping from 61.1k to -4.3k, which shows that consumer spending has been greatly reduced.
- Unemployment Rate also increased from 3.5% to 3.7%, showing that overall economic health has detoriated.
Technical Confluences
- Near-term resistance at 0.66940
- Near-term support at 0.66360
- Major support at 0.65950
Idea
This week with no major news events for AUD, we could see price continue bearish towards the major support at 0.65950.
NOT FINANCIAL ADVICE DISCLAIMER
The trading related ideas posted by OlympusLabs are for educational and informational purposes only and should not be considered as financial advice. Trading in financial markets involves a high degree of risk, and individuals should carefully consider their investment objectives, financial situation, and risk tolerance before making any trading decisions based on our ideas.
We are not a licensed financial advisor or professional, and the information we are providing is based on our personal experience and research. We make no guarantees or promises regarding the accuracy, completeness, or reliability of the information provided, and users should do their own research and analysis before making any trades.
Users should be aware that trading involves significant risk, and there is no guarantee of profit. Any trading strategy may result in losses, and individuals should be prepared to accept those risks.
OlympusLabs and its affiliates are not responsible for any losses or damages that may result from the use of our trading related ideas or the information provided on our platform. Users should seek the advice of a licensed financial advisor or professional if they have any doubts or concerns about their investment strategies.
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