AUD/USD Current Price: 0.6997
- Australia expected to have recovered 112.5K job positions in June, unemployment seen at 7.4%.
- Major pairs continue to move on sentiment instead than on data.
- AUD/USD bullish around 0.7000, needs to conquer the 0.7060 price zone.
Risk-appetite sent the AUD/USD pair to 0.7037, yet as it happens lately, the pair was unable to sustain gains above the 0.7000 threshold. The pair rallied despite July Westpac Consumer Confidence came in at -6.1%, falling from the previous 6.3%. Now trading just around the mentioned level, investors are waiting for June Australian employment data.
Expectations indicate that the country could have added 112.5K new jobs, after losing roughly 830K jobs in the previous two months, as a result of the ongoing pandemic. The unemployment rate is seen rising to 7.4% after jumping to 7.1% in the previous month and almost two-decade high. However, good news could be offset by the latest Melbourne lockdown, which means employment numbers will likely fall again in the upcoming months. Also, China will publish its Q2 GDP, foreseen at 9.6% from -9.8% in Q1. This last will also unveil June Retail Sales and Industrial Production, both seen recovering from negative levels.
AUD/USD short-term technical outlook
The AUD/USD pair is at the upper end of its latest range, but still far below the high set this year at 0.7063. The technical picture favors a bullish extension that could be triggered by data, although the pair needs to conquer the mentioned area to be able to extend its gains in the following sessions. The 4-hour chart shows that the price is comfortable well above all of its moving averages, with the 20 SMA heading modestly higher above the larger ones, as technical indicators consolidate above their midlines, reflecting absent selling interest.
Support levels: 0.6980 0.6940 0.6895
Resistance levels: 0.7025 0.7060 0.7100
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
EUR/USD clings to gains above 1.0750 after US data
EUR/USD manages to hold in positive territory above 1.0750 despite retreating from the fresh multi-week high it set above 1.0800 earlier in the day. The US Dollar struggles to find demand following the weaker-than-expected NFP data.
GBP/USD declines below 1.2550 following NFP-inspired upsurge
GBP/USD struggles to preserve its bullish momentum and trades below 1.2550 in the American session. Earlier in the day, the disappointing April jobs report from the US triggered a USD selloff and allowed the pair to reach multi-week highs above 1.2600.
Gold struggles to hold above $2,300 despite falling US yields
Gold stays on the back foot below $2,300 in the American session on Friday. The benchmark 10-year US Treasury bond yield stays in negative territory below 4.6% after weak US data but the improving risk mood doesn't allow XAU/USD to gain traction.
Bitcoin Weekly Forecast: Should you buy BTC here? Premium
Bitcoin (BTC) price shows signs of a potential reversal but lacks confirmation, which has divided the investor community into two – those who are buying the dips and those who are expecting a further correction.
Week ahead – BoE and RBA decisions headline a calm week
Bank of England meets on Thursday, unlikely to signal rate cuts. Reserve Bank of Australia could maintain a higher-for-longer stance. Elsewhere, Bank of Japan releases summary of opinions.