Consumer spending rose less than expected in May, showing slow economic growth. Investors ignored the drop in jobless claims, pointing to slight economic growth in the US. 6800 is the next target in the charts. Today’s AUD/USD forecast is bearish. The risk-sensitive pair is under a lot of pressure as investors scramble for safety in the dollar and the yen. The AUD/USD dipped to a two-year low. Investors were disappointed as consumer spending rose less than expected in May. This data was a sign that the economic recovery in Q2 was losing steam. –Are you interested in learning more about Canadian forex brokers? Check our detailed guide- Initial jobless claims in the US came lower despite recent technological and housing layoffs. It points to slight growth in the US economy. There is, however, still a lot of fear that the Fed will tip the economy into a recession. “The Fed hasn’t won the war on inflation just yet, but there are some somewhat encouraging signs that the economy is slowing down. Despite recession fears, job layoffs have not quite reached high enough levels to make the call that the economy is headed over the cliff into the depths of a recession,” said Christopher Rupkey, chief economist at FWDBONDS in New York. AUD/USD key events today The Commodity Futures Trading Commission (CFTC) will release the Australian dollar’s Commitments of Traders (COT) report. This report breaks down net speculative positions in the US futures market. This data gives traders an insight into market sentiment. In the United States, the Institute of Supply Management (ISM) will release the Manufacturing Purchasing Managers Index (PMI) report. Investors expect the report to show a drop from a previous 56.1 to 54.9. Get FREE Forex Signals Now! AUD/USD technical forecast: Full steam ahead for bears Looking at the 4-hour chart, the price broke below a critical support level at 0.68668 and is heading lower. The price is trading below the 30-SMA, showing that bears are in control. The RSI, which is trading below 50, also favors bearish momentum. –Are you interested in learning more about high leveraged brokers? Check our detailed guide- At this point, the price might retest the recently broken support and find resistance. If bears can hold on to their momentum, we might see the price get to the 0.68001 support. AUD/USD last tested this price level as support on June 15, 2020. A break below this level could mean lower prices. The bearish trend will only change when the price breaks above the 30-SMA and the RSI trades above 50. Looking to trade forex now? Invest at eToro! Trade Forex Now! 68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money Saqib Iqbal Saqib Iqbal Saqib Iqbal is a market analyst, prop fund trader and mentor, serving the industry with his analysis and educational content since 2011. The author has great exposure to different financial markets and institutions. He's well-known for his day trading reviews and multiple timeframe analysis. View All Post By Saqib Iqbal AUD/USD Daily Outlooks share Read Next USD/CAD Price: Falling Oil Prices Weighing on the Canadian Dollar Saqib Iqbal 1 month Consumer spending rose less than expected in May, showing slow economic growth. Investors ignored the drop in jobless claims, pointing to slight economic growth in the US. 6800 is the next target in the charts. Today's AUD/USD forecast is bearish. The risk-sensitive pair is under a lot of pressure as investors scramble for safety in the dollar and the yen. The AUD/USD dipped to a two-year low. Investors were disappointed as consumer spending rose less than expected in May. This data was a sign that the economic recovery in Q2 was losing steam. -Are you interested in learning more about… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.