- Copper prices on the rise thanks to a flubbing USD, dragging the Aussie higher.
- The Greenback is seeing a bearish start to the week after Friday's NFP failed to generate Dollar confidence.
The AUD/USD is bumping higher in Monday's trading, currently sitting near 0.7460 as the Aussie gets a boost from rising copper prices against the US Dollar, which has hit the new trading week on the softer side after Friday's Non-Farm Payrolls showed sluggish wage growth despite a better-than-expected headline jobs figure. The receding USD is putting in a much-needed floor on copper prices, giving the AUD a knock-on lift.
The early week is thin on the economic calendar for the Aussie, and Tuesday will be seeing the low-tier National Australia Bank's Business Confidence (forecast 8, prev. 6) and Business Conditions (forecast 18, prev. 15) surveys for June at 01:30 GMT, while Monday's US session will be seeing May's Consumer Credit Change for the USD at 19:00 GMT (forecast $11.50 billion, prev. $9.26 billion.
AUD/USD Technical Analysis
Spot rate: 0.7458
Relative change: 0.39%
High: 0.7463
Low: 0.7427
Trend: Bullish
Support 1: 0.7375 (Friday low)
Support 2: 0.7348 (S2 daily pivot)
Support 3: 0.7309 (previous week low)
Resistance 1: 0.7475 (100.0% Fibo expansion level)
Resistance 2: 0.7560 (June 8th swing low)
Resistance 3: 0.7623 (June 12th high)
AUD/USD Chart, 15-Minute
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
AUD/USD pressures as Fed officials hold firm on rate policy
The Australian Dollar is on the defensive against the US Dollar, as Friday’s Asian session commences. On Thursday, the antipodean clocked losses of 0.21% against its counterpart, driven by Fed officials emphasizing they’re in no rush to ease policy. The AUD/USD trades around 0.6419.
EUR/USD extends its downside below 1.0650 on hawkish Fed remarks
The EUR/USD extends its downside around 1.0640 after retreating from weekly peaks of 1.0690 on Friday during the early Asian session. The hawkish comments from Federal Reserve officials provide some support to the US Dollar.
Gold price edges higher on risk-off mood hawkish Fed signals
Gold prices advanced late in the North American session on Thursday, underpinned by heightened geopolitical risks involving Iran and Israel. Federal Reserve officials delivered hawkish messages, triggering a jump in US Treasury yields, which boosted the Greenback.
Bitcoin Price Outlook: All eyes on BTC as CNN calls halving the ‘World Cup for Bitcoin’
Bitcoin price remains the focus of traders and investors ahead of the halving, which is an important event expected to kick off the next bull market. Amid conflicting forecasts from analysts, an international media site has lauded the halving and what it means for the industry.
Is the Biden administration trying to destroy the Dollar?
Confidence in Western financial markets has already been shaken enough by the 20% devaluation of the dollar over the last few years. But now the European Commission wants to hand Ukraine $300 billion seized from Russia.