AUD/USD Forecast: Aussie helped by resilient Australian data
Premium|Take advantage of 50% OFF on your first month.
Start your subscription and get access to all our original articles.
You have reached your limit of 5 free articles for this month.
Get Premium without limits for only $9.99 for the first month
Access all our articles, insights, and analysts.
UNLOCK OFFERAUD/USD Current Price: 0.6981
- The Australian Trade Balance posted a A$17.67 billion surplus in June.
- The Reserve Bank of Australia will publish the Monetary Policy Statement.
- AUD/USD is set to extend its advance, particularly on a break above 0.6990.
The Australian dollar advanced for a second consecutive day against its American rival to reach an intraday high of 0.6989, heading into the Asian session a few pips below it. The pair advanced on the broad greenback’s weakness but was also helped by upbeat Australian data. The June Trade Balance posted a $A 17.67 billion surplus, beating the market’s expectations. In the same month, exports were up by 5.1% while imports increased by 0.7%.
Australia will publish the July AIG Performance of Services Index on Friday, previously at 48.8. Additionally, the Reserve Bank of Australia will issue the Monetary Policy Statement.
AUD/USD short-term technical outlook
The AUD/USD pair hovers around the 50% retracement of its latest daily slide measured between 0.7282 and 0.6680 at 0.6980. The daily chart shows that the bullish potential is limited and the risk is skewed to the upside. The 20 SMA advances below the current level, while technical indicators remain within positive levels, lacking apparent directional strength.
In the near term, and according to the 4-hour chart, chances are also of a bullish extension, particularly if the pair advances above 0.6990. Technical indicators crossed above their midlines, maintaining mildly bullish slopes. At the same time, the pair is trading above all of its moving averages, with the 100 SMA crossing above the 200 SMA, usually a sign of increased buying interest.
Support levels: 0.6955 0.6910 9.6875
Resistance levels: 0.6990 0.7025 0.7060
AUD/USD Current Price: 0.6981
- The Australian Trade Balance posted a A$17.67 billion surplus in June.
- The Reserve Bank of Australia will publish the Monetary Policy Statement.
- AUD/USD is set to extend its advance, particularly on a break above 0.6990.
The Australian dollar advanced for a second consecutive day against its American rival to reach an intraday high of 0.6989, heading into the Asian session a few pips below it. The pair advanced on the broad greenback’s weakness but was also helped by upbeat Australian data. The June Trade Balance posted a $A 17.67 billion surplus, beating the market’s expectations. In the same month, exports were up by 5.1% while imports increased by 0.7%.
Australia will publish the July AIG Performance of Services Index on Friday, previously at 48.8. Additionally, the Reserve Bank of Australia will issue the Monetary Policy Statement.
AUD/USD short-term technical outlook
The AUD/USD pair hovers around the 50% retracement of its latest daily slide measured between 0.7282 and 0.6680 at 0.6980. The daily chart shows that the bullish potential is limited and the risk is skewed to the upside. The 20 SMA advances below the current level, while technical indicators remain within positive levels, lacking apparent directional strength.
In the near term, and according to the 4-hour chart, chances are also of a bullish extension, particularly if the pair advances above 0.6990. Technical indicators crossed above their midlines, maintaining mildly bullish slopes. At the same time, the pair is trading above all of its moving averages, with the 100 SMA crossing above the 200 SMA, usually a sign of increased buying interest.
Support levels: 0.6955 0.6910 9.6875
Resistance levels: 0.6990 0.7025 0.7060
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.