AUD/USD posted sharp gains last week, climbing 1.0%. The upcoming week is quiet, with three events. Here is an outlook at the highlights and an updated technical analysis for AUD/USD. Australia posted solid employment data in September, which boosted the Australian dollar. The economy created 14.7 thousand jobs, which was short of the forecast of 15.3. The unemployment rate ticked lower to 5.2%, down from 5.3% a month earlier. In the U.S., retail sales contracted in September. The headline reading declined by 0.3%, after a gain of 0.4% in the previous release. Core retail sales declined 0.1%, missing the estimate of 0.2%. There was more dismal news, as Philly Fed Manufacturing Index dropped to 5.6 in October, compared to 12.0 points in the previous release. AUD/USD daily graph with support and resistance lines on it. Click to enlarge: CB Leading Index: Tuesday, 14:30. The Conference Board Index is based on 7 economic indicators, but tends to have a muted impact since most of the data has been previously released. The index declined by 0.2% in July. Flash Manufacturing PMI: Wednesday, 22:00. The index slowed to 49.4 in September, falling below the 50-level and into contraction territory. We now await the October data. Flash Services PMI: Wednesday, 22:00. The services sector improved to 52.5 in September, indicative of slight expansion. This comes after a reading of 49.2 in the August release, which showed contraction in the services sector. *All times are GMT Technical lines from top to bottom: We start with resistance at 0.7165. This line has held firm since early April. 0.7085 was a low point in September. 0.7022 is next. 0.6988 marked the low point in April. 0.6865 is under pressure in resistance following strong gains by AUD/USD last week. 0.6825 (mentioned last week) has switched to a support role. It is a weak line. 0.6744 has some breathing room in support. 0.6686 was a cap back in January 2000. 0.6627 has held in support since March 2009. 0.6532 is next. 0.6456 is the final support level for now. I remain bearish on AUD/USD The Aussie jumped on the bandwagon and took advantage of a weak U.S. dollar, but this could be a temporary improvement. The U.S-China trade war continues to hamper Australia’s export industry and the recent rate cuts by the RBA have made the Australian dollar less attractive to investors. Follow us on Sticher or iTunes Further reading: EUR/USD forecast – for everything related to the euro. GBP/USD forecast – Pound/dollar predictions USD/JPY forecast – projections for dollar/yen USD/CAD forecast – Canadian dollar analysis Forex weekly forecast – Outlook for the major events of the week. Safe trading! Kenny Fisher Kenny Fisher Kenny Fisher - Senior Writer A native of Toronto, Canada, Kenneth worked for seven years in the marketing and trading departments at Bendix, a foreign exchange company in Toronto. Kenneth is also a lawyer, and has extensive experience as an editor and writer. Kenny's Google Profile View All Post By Kenny Fisher AUD/USD ForecastMinorsWeekly Forex Forecasts share Read Next GBP/USD Forecast Oct. 21-Oct. 25 – Pound Soars on Brexit Optimism Kenny Fisher 3 years AUD/USD posted sharp gains last week, climbing 1.0%. The upcoming week is quiet, with three events. Here is an outlook at the highlights and an updated technical analysis for AUD/USD. Australia posted solid employment data in September, which boosted the Australian dollar. The economy created 14.7 thousand jobs, which was short of the forecast of 15.3. The unemployment rate ticked lower to 5.2%, down from 5.3% a month earlier. In the U.S., retail sales contracted in September. The headline reading declined by 0.3%, after a gain of 0.4% in the previous release. Core retail sales declined 0.1%, missing the estimate… 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.
