AUD/USD Forecast: Buying interest decreases

Valeria Bednarik FXStreet

AUD/USD Current Price: 0.7752

Australian Q1 Gross Domestic Product beat expectations by printing 1.8% QoQ.
Australia has quite a busy macroeconomic calendar this Thursday.
AUD/USD remains neutral in the near-term and below a daily descendant trend line.

The AUD/USD pair trades around 0.7750, unchanged on Wednesday. The pair bounced from a daily low of 0.7715, falling throughout the first half of the day despite better-than-anticipated Australian macroeconomic data. At the beginning of the day, the country reported that Gross Domestic Product was up 1.8% QoQ in the first quarter of the year, much better than the 1.5% expected.

The Australian macroeconomic calendar will be busy on Thursday, as the country will release the May AIG Performance of Construction Index, the Commonwealth Bank Services PMI and the April Trade Balance. Also, the country will publish the final reading of its April Retail Sales.

AUD/USD short-term technical outlook

From a technical point of view, the AUD/USD pair has made no progress. The pair has been unable to surpass a daily descendant trend line coming from May’s high, currently hovering around it. The 4-hour chart shows that it continues to trade within directionless moving averages as technical indicators head nowhere around their midlines. The key levels to watch are 0.7820 on the upside and 0.7675 on the downside.

Support levels: 0.7710 0.7675 0.7640

Resistance levels: 0.7780 0.7820 0.7850

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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