AUDUSD Weekly Forecast | 22nd May 2023

22 maj 2023

Fundamental Backdrop

• 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.






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