AUD/USD Forecast: Possible bullish extension toward 0.7600
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 all exclusive analysis, access our analysis and get Gold and signals alerts
Elevate your trading Journey.
UPGRADEAUD/USD Current Price: 0.7527
- Australian lockdowns amid limited immunization weigh on the aussie.
- Profit-taking and risk-appetite undermined the greenback ahead of the close.
- AUD/USD is in recovery mode in the near term, but its bullish potential is limited.
The AUD/USD pair recovered on Friday to close the week in the red in the 0.7520 price zone. Before recovering, however, the pair set a fresh 2021 low of 0.7444. The aussie suffered from the latest coronavirus-related headlines coming from the country, as several new cases have forced local governments to impose lockdowns. The immunization campaign in the country is going slow, as only 4% of the population is fully vaccinated. Meanwhile, the greenback benefited from solid employment figures, easing ahead of the close on profit-taking coupled with risk-appetite.
Australia published housing-related data on Friday, which came in mixed. Home Loans contracted in May from 4.3% to 1.9%, while Investment Lending for Homes increased from 2.1% to 13.3%. The country will publish on Monday the June AIG Performance of Construction Index, the Commonwealth Bank Services PMI for the same month, and the final version of May Retail Sales, expected to be confirmed at 0.1%.
AUD/USD short-term technical outlook
The AUD/USD pair is technically bearish, according to the daily chart. The pair is developing below all of its moving averages, with the 20 SMA heading firmly lower between the longer ones. Technical indicators have bounced from oversold readings but remain well below their midlines. In the near-term, and according to the 4-hour chart, the advance may extend as the pair has moved well above its 20 SMA, which is currently flat, while technical indicators maintain their bullish slopes within positive levels. The longer moving averages, however, head firmly lower above the current price, limiting the upside.
Support levels: 0.7485 0.7440 0.7400
Resistance levels: 0.7550 0.7595 0.7630
AUD/USD Current Price: 0.7527
- Australian lockdowns amid limited immunization weigh on the aussie.
- Profit-taking and risk-appetite undermined the greenback ahead of the close.
- AUD/USD is in recovery mode in the near term, but its bullish potential is limited.
The AUD/USD pair recovered on Friday to close the week in the red in the 0.7520 price zone. Before recovering, however, the pair set a fresh 2021 low of 0.7444. The aussie suffered from the latest coronavirus-related headlines coming from the country, as several new cases have forced local governments to impose lockdowns. The immunization campaign in the country is going slow, as only 4% of the population is fully vaccinated. Meanwhile, the greenback benefited from solid employment figures, easing ahead of the close on profit-taking coupled with risk-appetite.
Australia published housing-related data on Friday, which came in mixed. Home Loans contracted in May from 4.3% to 1.9%, while Investment Lending for Homes increased from 2.1% to 13.3%. The country will publish on Monday the June AIG Performance of Construction Index, the Commonwealth Bank Services PMI for the same month, and the final version of May Retail Sales, expected to be confirmed at 0.1%.
AUD/USD short-term technical outlook
The AUD/USD pair is technically bearish, according to the daily chart. The pair is developing below all of its moving averages, with the 20 SMA heading firmly lower between the longer ones. Technical indicators have bounced from oversold readings but remain well below their midlines. In the near-term, and according to the 4-hour chart, the advance may extend as the pair has moved well above its 20 SMA, which is currently flat, while technical indicators maintain their bullish slopes within positive levels. The longer moving averages, however, head firmly lower above the current price, limiting the upside.
Support levels: 0.7485 0.7440 0.7400
Resistance levels: 0.7550 0.7595 0.7630
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.