- The Aussie is trading sluggishly ahead of a quiet Thursday session.
- The RBA Bulletin due today encompasses the entirety of the AUD's showing on the economic calendar for today.
The AUD/USD is trading quietly near Wednesday's close, cycling near 0.7370 ahead of a quiet Wednesday.
Market sentiment saw a mild recovery yesterday, pumping the brakes on the Aussie's decline, but not providing enough incentive for the AUD to deliver more than a half-hearted bounce from the week's technical bottom near 0.7345. The Reserve Bank of Australia's (RBA) Governor Lowe delivered remarks at a central banking meetup for the EU's Sintra Forum, though Lowe's remarks delivered little of note for traders, as the general theme of the meeting focused primarily on trade concerns surrounding the scaling-up of trade war rhetoric between the US and China.
Thursday sees the RBA's Quarterly Bulletin at 01:30 GMT, a collection of speeches and notes detailing the central bank's outlook on the Australian economic outlook, as well as highlighting the RBA's operations, though with the bank's forward guidance model giving traders a front-row seat to all of their major decisions, little new information is expected in the bulletin.
AUD/USD levels to watch
The Aussie is seeing little buying action amidst a mild market recovery, and as FXStreet's own Valeria Bednarik noted, "the 4 hours chart shows that the intraday recovery stalled below a bearish 20 SMA, while technical indicators retreated from their intraday highs before stabilizing, the Momentum well below its 100 level and the RSI at around 31, all of which leans the risk toward the downside. The weekly low was established at 0.7346, the immediate support, with a break below the level favoring a continued decline toward the 0.7250 region, a strong long-term static support."
Support levels: 0.7345 0.7310 0.7275
Resistance levels: 0.7395 0.7430 0.7480
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 daily gains above 1.0650
EUR/USD gained traction and turned positive on the day above 1.0650. The improvement seen in risk mood following the earlier flight to safety weighs on the US Dollar ahead of the weekend and helps the pair push higher.
GBP/USD recovers toward 1.2450 after UK Retail Sales data
GBP/USD reversed its direction and advanced to the 1.2450 area after touching a fresh multi-month low below 1.2400 in the Asian session. The positive shift seen in risk mood on easing fears over a deepening Iran-Israel conflict supports the pair.
Gold holds steady at around $2,380 following earlier spike
Gold stabilized near $2,380 after spiking above $2,400 with the immediate reaction to reports of Israel striking Iran. Meanwhile, the pullback seen in the US Treasury bond yields helps XAU/USD hold its ground.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price shows no signs of directional bias while it holds above $60,000. The fourth BTC halving is partially priced in, according to Deutsche Bank’s research.
Week ahead – US GDP and BoJ decision on top of next week’s agenda
US GDP, core PCE and PMIs the next tests for the Dollar. Investors await BoJ for guidance about next rate hike. EU and UK PMIs, as well as Australian CPIs also on tap.