AUD/USD Current Price: 0.6748

  • Australian upbeat data offset by renewed risk-aversion.
  • AUD/USD next directional move depending on Australian employment data.

The AUD/USD pair is trading near a fresh one-week low set during the US session at 0.6735, losing ground ever since the day started. China released July Retail Sales, which were up by 7.6% YoY, below the expected 8.6%. Industrial Production in the same period rose by 4.8%, missing the market’s forecast of 5.8%. The disappointment dented demand for the Aussie, despite Australian data was better-than-expected. The Westpac Consumer Confidence improved to 3.6% in August from -4.1% in July, while the Wage Price Index rose by 0.6%, slightly better than the 0.5% expected and previous. The decline was a result of renewed concerns about a US recession sending equities nose-diving. Australia will release August Consumer Inflation Expectations for August, and July employment data. The economy is expected to have added 14.0K new jobs, while the unemployment rate is seen steady at 5.2%. Given the encouraging wages’ data, there is a chance that better-than-expected employment numbers give the AUD a temporary boost.

AUD/USD short-term technical outlook

The risk for the AUD/USD pair remains skewed to the downside, as in the 4 hours chart, the pair retreated below a mild-bearish 20 SMA. Furthermore, the 100 SMA accelerated its decline well above the current level, while technical indicators remain within negative levels. The pair needs to advance and settle the 0.6815 level to have chances of advancing further, while if it loses the 0.6740 support, the next target comes at 0.6676, the multi-year low set early this August.

Support levels: 0.6740 0.6700 0.6675

Resistance levels: 0.6815 0.6840 0.6880

View Live Chart for the AUD/USD

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.

Analysis feed

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!

Latest Forex Analysis

Editors’ Picks

EUR/USD hovers around 1.0850 ahead of Eurogroup meeting, US data

EUR/USD is trading around 1.0850 as tensions mount ahead of the Eurogroup meetings which have previously ended in acrimony. US jobless claims, consumer confidence, and Fed Chair Powell's speech are all eyed. 


GBP/USD trades around 1.24 after as Johnson's condition, US data eyed

GBP/USD is trading around 1.24, consolidating its gains as UK monthly GDP disappoints with -0.1% in February. PM Johnson's condition is stable, but he remains in intensive care. US jobless claims, consumer confidence, and Powell's speech are awaited.


Crypto market shifting to the hyperspace

The typical pattern expects the participation of second-line Altcoins, such as Litecoin or Ethereum Classic. The current phase can cause occasional periods with a strong increase in volatility. The bulls have the advantage over the bears, but they don't yet have market control.

Read more

WTI consolidates the upside near $26 amid imminent OPEC+ output cuts

WTI (oil futures on NYMEX) is consolidating the advance to a new two-day high of 26.66, as the bulls take a breather the recent bounce back from near 25.60 region. At the press time, the US oil trades at 26.05, still up 3.80% so far.

Oil News

Gold: Recovery rally weakens demand for put options

Gold has gained significant ground over the last couple of weeks. The yellow metal bottomed out near $1,515 on March 20 and was last seen trading near $1,650 per ounce, representing a 0.38% gain on the day. Prices hit a high of $1,678 on Tuesday. 

Gold News

Forex Majors