AUD/USD: 0.80's are still the technical bias

Currently, AUD/USD is trading at 0.7915 having posted a daily high at 0.7917 and low at 0.7906.

AUD/USD starts the week out as one of the main focusses with Oz Q2 CPI and the Fed meeting that are key risks for the pair next week. There is a special focus on the Aussie right now considering its recent road block after a two-week surge.

USA events: Fed and GDP eyed- Nomura

"The Bank’s thinking about the AUD is measured. The increase in the AUD from USD0.76 to USD0.79 (4%) has been partly due to USD weakness. But the trade weighted Index has also appreciated from 65.1 to 67.3 (3.4%) so the majority of the boost has been commodity prices and this perceived hawkish stance from the RBA," say analysts at Westpac, adding, "The Bank will regret the degree to which the latter is a factor while also eschewing higher commodity prices since the major beneficiaries (the mining companies) are not expected to boost investment or employment in the wake of higher expected profits. In effect there is no offset to the reduced competitiveness stemming from a higher AUD."

AUD/USD levels

"The market is poised to encounter the 0.8018 200 week ma and very near term there is a 13 count on the daily chart and a TD perfected set up and we suspect it has started to correct lower," argued analysts at Commerzbank, " Currently the corrective zone is indicated to be circa 0.8820-.7750. While above the uptrend at 0.7673 we will assume it is capable of further gains."