AUD/USD Forecast: Back below 0.6900
|AUD/USD Current Price: 0.6892
- Australian housing data surprised to the upside but provided little support to Aussie.
- A busy Chinese macroeconomic calendar should lead the way this Friday.
- AUD/USD trading below 0.6900 and gaining bearish traction.
The AUD/USD pair peaked at 0.6933 underpinned at the beginning of the day but the dollar’s weakness and better-than-anticipated Australian data. Australian Home Loans rose by 1.8% in November, better than the 0.4% expected. As for the greenback, the currency recovered the market’s favor with the release of solid US data, which sent the pair to a daily low of 0.6887.
The upcoming Asian session would an entertained one, as China will have a busy macroeconomic calendar. The country will release its Q4 annualized Gross Domestic Product foreseen stable at 6.0%, December Industrial Production and Retail Sales for the same month, both seen decreasing when compared to the previous month. As for Australia, it will publish November New Home Sales, seen bouncing sharply from -0.5% previously to 5.6%.
AUD/USD short-term technical outlook
The AUD/USD pair is trading a few pips above the mentioned low, back below the 0.6900 figure. The pair neared the 50% retracement of its latest decline but quickly retreated to stabilize below the 61.8% retracement of the same slide. In the 4-hour chart, the pair is still developing between moving averages, holding above a mild-bullish 20 SMA. Technical indicators, in the meantime, have re-entered negative territory, but lost directional strength.
Support levels: 0.6885 0.6840 0.6800
Resistance levels: 0.6915 0.6950 0.6990
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