The AUDUSD pair is ending the week at 0.7070 after gains partially recovering the ground shed in January. The advance seems corrective from a technical point of view, though, and without data to stimulate AUD buying, the pair may soon turn back south.
al point of view, though, and without data to stimulate AUD buying, the pair may soon turn back south.
Australian data published throughout the week also limited the upside for AUD/USD, as it was mostly disappointing. The AIG Performance of Manufacturing Index contracted to 48.4 in January, while December Retail Sales plunged by 4.4%. The Commonwealth Bank Services PMI was better than anticipated in January, but printed at 46.6, indicating contraction in the sector. Finally, the country’s Trade Balance posted a surplus of A$8.35 billion, below the previous print.
Australia will release the January AIG Performance of Services Index, January TD Securities Inflation and NAB’s Business Confidence for the same month in the upcoming days. Later in the week, the country will release February Westpac Consumer Confidence and Consumer Inflation Expectations for the same month.and the preliminary estimate of the February Michigan Consumer Sentiment Index next week.The AUD/USD pair’s weekly chart shows that it is trading just above the 23.6% Fibo.
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