AUD/USD Forecast: Unable to attract investors
AUD/USD Current Price: 0.6964
- Australian NAB’s Business Confidence bounced sharply to 1 in June.
- The focus now shifts to the July Westpac Consumer Confidence, previously at 6.3%.
- AUD/USD is holding within familiar levels between 0.69 and 0.70.
The AUD/USD pair recovered from an intraday low of 0.6920 to close the day a couple of pips below a daily high of 0.6977. The pair held within familiar levels, with intraday movements determined by equities strength or weakness. Market players ignored upbeat Australian data released at the beginning of the day, as the NAB’s Business Confidence Index recovered to 1 in June against the -87 expected. The NAB’s Business Conditions for the same month printed at -7, much better than the -39 expected. Also, China unveiled its June Trade Balance, which posted a surplus of $46.42 B, below the expected $58.6B, although exports and imports improved by more than anticipated.
This Wednesday, Australia will publish HIA New Home Sales for May, previously at -4.2% and the July Westpac Consumer Confidence, which came in at 6.3% in June.
AUD/USD short-term technical outlook
The AUD/USD pair maintains it’s neutral short-term stance, still unable to advance beyond the 0.7000 level but with the downside limited. In the 4-hour chart, the pair settled above all of its moving averages, which anyway lack directional strength. Technical indicators, in the meantime, remain directionless around their midlines.
Support levels: 0.6930 0.6895 0.6850
Resistance levels: 0.6995 0.7020 0.7060
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.
