AUD/USD analysis: increasingly bearish in the short-term

Valeria Bednarik FXStreet

AUD/USD Current price: 0.7377

AUD/USD stuck to 0.7800 waiting for tariffs' announcements.
Australian AIG Performance of Construction Index for June up next.

The AUD/USD pair spent the day consolidating around its opening level, with a short-lived intraday spike up to 0.7407 early US session, being quickly reverted to its recent comfort zone around the 0.7380 level. The pair eased a few pips with the release of FOMC Meeting's Minutes but solid gains in Wall Street limit the decline. Australia will release its AIG Performance of Construction Index for June during the upcoming Asian session, latest seen at 54. Traders will likely wait for news on tariffs, as the US set to impose tariffs on $34 billion worth of goods from China, while Beijing has already announced it will retaliate. Should tariffs become into effect as expected, equities could enter in sell-off mode, dragging the AUD lower alongside. The pair presents an increasingly bearish technical stance according to the 4 hours chart, as the early advance was rejected by a bearish 100 SMA, with the pair now pressuring a horizontal 20 SMA and technical indicators heading lower, entering bearish territory. The decline will likely accelerate on a break below 0.7345, the immediate support, while the upside will look more constructive only on an upward extension above 0.7440.

Support levels: 0.7345 0.7310 0.7275

Resistance levels: 0.7410 0.7440 0.7480

View Live Chart for the AUD/USD

Author

Valeria Bednarik

FXStreet

Valeria Bednarik was born and lives in Buenos Aires, Argentina. Her passion for math and numbers pushed her into studying economics in her younger years.

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