AUD/USD Forecast: On hold ahead of the RBA decision
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UPGRADEAUD/USD Current Price: 0.7738
- The Reserve Bank of Australia will announce its monetary policy decision on Tuesday.
- Australia will publish May TD Securities Inflation in the upcoming Asian session.
- AUD/USD is neutral-to-bearish in the near-term, developing below a descendant trend line.
The AUD/USD pair advanced within range to close Monday in the 0.7730 region. The modest advance could be attributed to the greenback’s broad weakness amid month-end fixing. The recovery was limited by the sour tone of equities, as despite US markets being closed on holidays, futures were sharply down following the lead of their overseas counterparts.
Data wise, Australia published April Private Sector Credit, which was up 0.2% MoM and 1.3% YoY. During the upcoming Asian session, the country will release May TD Securities Inflation and the Commonwealth Bank Manufacturing PMI for the same month. The Reserve Bank of Australia is having a monetary policy meeting, although policymakers will likely remain on hold ahead of the anticipated revision of their current policy next July.
AUD/USD short-term technical outlook
The AUD/USD pair is neutral-to-bearish according to intraday technical readings. The 4-hour chart shows that it is currently a handful of pips above a bearish 20 SMA, while the longer ones remain directionless above the current level. Meanwhile, technical indicators remain flat around their midlines. A daily descendant trend line coming from this month’s high comes in the 0.7760/70 area, although a more relevant resistance level is 0.7820.
Support levels: 0.7710 0.7675 0.7640
Resistance levels: 0.7770 0.7820 0.7850
AUD/USD Current Price: 0.7738
- The Reserve Bank of Australia will announce its monetary policy decision on Tuesday.
- Australia will publish May TD Securities Inflation in the upcoming Asian session.
- AUD/USD is neutral-to-bearish in the near-term, developing below a descendant trend line.
The AUD/USD pair advanced within range to close Monday in the 0.7730 region. The modest advance could be attributed to the greenback’s broad weakness amid month-end fixing. The recovery was limited by the sour tone of equities, as despite US markets being closed on holidays, futures were sharply down following the lead of their overseas counterparts.
Data wise, Australia published April Private Sector Credit, which was up 0.2% MoM and 1.3% YoY. During the upcoming Asian session, the country will release May TD Securities Inflation and the Commonwealth Bank Manufacturing PMI for the same month. The Reserve Bank of Australia is having a monetary policy meeting, although policymakers will likely remain on hold ahead of the anticipated revision of their current policy next July.
AUD/USD short-term technical outlook
The AUD/USD pair is neutral-to-bearish according to intraday technical readings. The 4-hour chart shows that it is currently a handful of pips above a bearish 20 SMA, while the longer ones remain directionless above the current level. Meanwhile, technical indicators remain flat around their midlines. A daily descendant trend line coming from this month’s high comes in the 0.7760/70 area, although a more relevant resistance level is 0.7820.
Support levels: 0.7710 0.7675 0.7640
Resistance levels: 0.7770 0.7820 0.7850
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