AUD/USD Current Price: 0.6598

  • Australia’s Westpac Leading Index fell by 1.5% In May and after declining 0.73% in April.
  • RBA’s Governor Lowe speech and PMIs taking centre stage this Thursday.
  • AUD/USD losing its bullish momentum but no signs of an upcoming slide.

The AUD/USD pair surged to a fresh two-month high of 0.6615, holding around the 0.6600 figure at the end of the US session. The Aussie advanced in spite of some negative news coming from the region. Australia’s Westpac Leading Index fell by 1.5% In May, while tensions mount with its largest trading partner, China. Beijing has imposed punitive tariffs on certain Australian goods, and will likely continue trimming imports from the country, amid Australian decision to support the US investigation on the origins of COVID-19. Stocks posting solid gains underpinned the pair.

This Thursday, Australia will see the release of the Commonwealth Bank PMIs for May. Manufacturing output is foreseen at 46.5 from 44.1. The services index previously printed at 19.5. Also, RBA’s Governor Lowe is due to participate in a panel discussion at the Financial Services Institute of Australasia, in Sydney.

AUD/USD short-term technical outlook

The AUD/USD pair seems poised to extend its advance, as it continues to post higher highs on a daily basis. In the 4-hour chart, the pair is well above all of its moving averages, with the 20 SMA accelerating north above the larger ones. Technical indicators, in the meantime, have lost their bullish strength, but hold on to overbought levels, far from signalling an upcoming bearish move. Further gains are to be expected on a break above the mentioned daily high.

Support levels: 0.6570 0.6530 0.6490

Resistance levels: 0.6615 0.6650 0.6685

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

When is Japan’s data-dump and how could it affect the USD/JPY?

While the risk catalysts have recently been lighter, mainly due to the equities’ upbeat performances, the underlying fears aren’t yet wiped out. Technically, buyers keep targeting the 108.05/10 area comprising multiple highs marked since April-19.

Read more

AUD/USD: Upside momentum again fizzles around 11-week top, still above 0.6600

Having marked yet another failure to stay strong beyond 0.6650, AUD/USD remains depressed around 0.6640/35 at the start of Friday’s Asian session.Risk-tone remains positive as equities cheer hopes of further stimulus, economic restart.

AUD/USD News

Goldman Sachs puts Bitcoin on par with Gold

One of the world's largest investment banks, Goldman Sachs, announced a conference for its clients entitled “Implications of Current Inflation, Gold and Bitcoin Policies”

Read more

Gold: Limited gains below the $1730/oz level for XAU/USD

After bouncing from the 1690/1700 price zone XAU/USD is stalling below the 1730 resistance and the 50 SMA on the four chart. The picture is mixed as it seems the metal is challenging a tough resistance near the 1730 level.

Gold News

WTI oil prices rally on gasoline demand and hopes of output cuts’ extension

WTI crude oil prices have appreciated more than 5% on Thursday to reach $34 and approach two-month highs. Investors' optimism about an increase of gasoline demand and speculation of an OPEC+ deal to extend output cuts are driving crude prices higher.

Oil News

Forex Majors

Cryptocurrencies

Signatures