AUD/USD Forecast: Pressure mounts after gold shed over $120 in a day
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UNLOCK OFFERAUD/USD Current Price: 0.7144
- Australian NAB’s Business Confidence plunged to -14 in July from 1 in the previous month.
- Gold’s slump weighed on the Aussie as the bright metal lost over $120.00 a troy ounce.
- AUD/USD is bearish and heading towards a strong static support level at 0.7070.
The AUD/USD pair is ending a second consecutive day unchanged in the 0.7140/50 region, confined to a tight range ever since the week started, trapped between opposing forces. Equities soared which usually underpin the pair, but gold prices plunged, with spot losing over $120.00 to reach 1,909.90. The American dollar seesawed between gains and losses, but above all, it retained its bullish stance.
Also, Australian data released at the beginning of the day was generally discouraging, as the July NAB’s Business Confidence index came in at -14 from 1 in the previous month, while the NAB’s Business Conditions printed 0 better than the previous -7. During the upcoming Asian session, Australia will publish August Westpac Consumer Confidence, previously at -6.1%, and the Q2 Wage Price Index.
AUD/USD short-term technical outlook
The AUD/USD pair offers a bearish perspective in the short-term, poised to extend its decline. The pair keeps pressuring its recent lows, and the 4-hour chart shows that a bearish 20 SMA capped advances. Technical indicators, in the meantime, head lower within negative levels after a modest recovery within negative levels. Meanwhile, the pair is about to challenge bulls’ determination around a bullish 100 SMA, providing dynamic support around 0.7140.
Support levels: 0.7140 0.7110 0.7070
Resistance levels: 0.7185 0.7220 0.7260
View Live Chart for the AUD/USD
AUD/USD Current Price: 0.7144
- Australian NAB’s Business Confidence plunged to -14 in July from 1 in the previous month.
- Gold’s slump weighed on the Aussie as the bright metal lost over $120.00 a troy ounce.
- AUD/USD is bearish and heading towards a strong static support level at 0.7070.
The AUD/USD pair is ending a second consecutive day unchanged in the 0.7140/50 region, confined to a tight range ever since the week started, trapped between opposing forces. Equities soared which usually underpin the pair, but gold prices plunged, with spot losing over $120.00 to reach 1,909.90. The American dollar seesawed between gains and losses, but above all, it retained its bullish stance.
Also, Australian data released at the beginning of the day was generally discouraging, as the July NAB’s Business Confidence index came in at -14 from 1 in the previous month, while the NAB’s Business Conditions printed 0 better than the previous -7. During the upcoming Asian session, Australia will publish August Westpac Consumer Confidence, previously at -6.1%, and the Q2 Wage Price Index.
AUD/USD short-term technical outlook
The AUD/USD pair offers a bearish perspective in the short-term, poised to extend its decline. The pair keeps pressuring its recent lows, and the 4-hour chart shows that a bearish 20 SMA capped advances. Technical indicators, in the meantime, head lower within negative levels after a modest recovery within negative levels. Meanwhile, the pair is about to challenge bulls’ determination around a bullish 100 SMA, providing dynamic support around 0.7140.
Support levels: 0.7140 0.7110 0.7070
Resistance levels: 0.7185 0.7220 0.7260
View Live Chart for the AUD/USD
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