Friday’s trade saw AUD/USD within the range of 0.7172-0.7235. The pair closed at 0.7181, going down 0.62% on a daily basis. It has been the 12th drop in the past 22 trading days and also the sharpest one since May 18th, when the pair fell 1.30%. In weekly terms, AUD/USD lost 0.57% of its value during the current week. It has been the 12th drop in the past 21 weeks and also a sixth consecutive one. AUD/USD has gone down 5.55% so far during the current month, following a 0.72% slump in April.
On Monday (May 30th) AUD/USD trading may be influenced by the following macroeconomic report as listed below.
Fundamentals
Australia
New Home Sales
At 1:00 GMT on Monday the Australian Housing Industry Association (HIA) is expected to report on new home sales in the country regarding April. In March sales climbed 8.9% from a month ago to reach 7 986 units. It has been the sharpest monthly increase since January 2010. Sales of detached homes went up 7.0% in March from a month ago, while sales in the multi-unit segment rose 16.3%.
US Memorial Day
May 30th is the Memorial Day federal holiday, wherein the men and women, who lost their lives while serving in the United States Armed Forces are remembered. The holiday, celebrated every year on the final Monday of May, was previously known as Decoration Day and originated after the American Civil War in order to commemorate the Union and Confederate soldiers killed in the Civil War. Banks in the country are to remain closed.
Correlation with other Majors
Taking into account the business week ended on May 27th and the daily closing levels of the currency pairs involved, we come to the following conclusions in regard to the strength of relationship:
AUD/USD to EUR/USD (0.9502, or very strong)
AUD/USD to NZD/USD (0.7180, or strong)
AUD/USD to USD/CAD (-0.0541, or very weak)
AUD/USD to GBP/USD (-0.3797, or moderate)
AUD/USD to USD/JPY (-0.7944, or strong)
AUD/USD to USD/CHF (-0.9685, or very strong)
1. During the examined period AUD/USD moved almost equally in one and the same direction with EUR/USD, while moving almost equally in the opposite direction compared to USD/CHF.
2. AUD/USD moved strongly one and the same direction with NZD/USD during the week, while moving strongly in the opposite direction compared to USD/JPY.
3. AUD/USD moved almost independently compared to USD/CAD during the period in question.
Daily and Weekly Pivot Levels
By employing the traditional calculation method, the Monday pivot levels for AUD/USD are presented as follows:
Central Pivot Point – 0.7196
R1 – 0.7220
R2 – 0.7259
R3 – 0.7283
S1 – 0.7157
S2 – 0.7133
S3 – 0.7094
By using the traditional method of calculation again, the weekly pivot levels for AUD/USD are presented as follows:
Central Pivot Point – 0.7196
R1 – 0.7245
R2 – 0.7310
R3 – 0.7359
S1 – 0.7131
S2 – 0.7082
S3 – 0.7017
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