AUD

Australian Flash Manufacturing PMI for January leaps higher, almost into expansion

• Australian Flash Manufacturing PMI for January 49.8 (December was 47.8)

AUDUSD is stretching higher into resistance

AUDUSD runs into sellers near swing area/retracement target. Seller make a play.

• Volatile price action in the AUDUSD finds willing sellers near swing area between 0.6287 to 0.6301

AUDUSD Technical Analysis – The pair seems to be bottoming out

• The AUDUSD pair seems to be bottoming out but we will need a break above the 0.63 handle to increase the conviction. What’s next?

Australian Leading Index shows "more modest momentum"

• Westpac-Melbourne Institute Leading Index for December 2024

Volatility is the name of the game for AUDUSD but buyers held support near key MA support

• The 100 hour MA stalled the fall in the AUDUSD, and the price bounced

Australian weekly consumer confidence survey drops to even more pessimistic

• Inflation expectations rose

AUDUSD traded to lowest level since 2020, but bounced. Closing near 100/200 hour MAs

• The 100 and 200 hour MAs will be the barometer for the new trading week

Westpac on the Australia dollar: "The exchange rate and the big pivot"

• Lower for longer is my take on this note.

AUDUSD buyers base the pair a swing area today, but the double-top this week looms

• Swing area holds support at 0.61917 to 0.6199, but double top at 0.62457 looms on the topside.

AUD Futures Analysis for Today

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AUD/USD erases post-CPI advance as sellers wrestle back some near-term control

• The pair is down 0.5% today to 0.6198 currently

Rabobank sees a likely weaker AUD/USD ahead, forecast to 0.60

• Headwinds for the Australian dollar

Pricing for February Reserve Bank of Australia rate cut jumps after the strong jobs report

• Intense focus now on the CPI data due at the end of this month

Australia December 2024 unemployment rate 4.0% (vs. 4.0% expected)

• Employment report from Australia for December 2024