The Australian dollar drifted lower on risk aversion but hasn’t collapsed. The meeting minutes and the jobs report stand out in the upcoming week. Here are the highlights of the week and an updated technical analysis for AUD/USD. Data has been mixed: the NAB business confidence advanced to 12 points, but home loans hardly increased in Australia: only 0.5%. Chinese data was also uninspiring. Yet the biggest driver to the downside came from North Korea. The heightened tensions with the US triggered a “risk off” sentiment that does not do any favors to the Australian dollar, a “risk currency”. [do action=”autoupdate” tag=”AUDUSDUpdate”/]AUD/USD daily graph with support and resistance lines on it. Click to enlarge: Christopher Kent talks: Sunday, 23:35. The Assistant Governor of the RBA, Christopher Kent speaks in Sydney and may provide hints about future monetary policy. Kent does not make too many public appearances. Chinese industrial output: Monday, 2:00. Australia’s No. 1 trading partner enjoyed robust growth in its industrial output in June: 7.6%. A growth rate of 7.2% is projected now. Monetary Policy Meeting Minutes: Tuesday, 1:30. The minutes from the July meeting sent a hawkish message, contradicting the dovish tone from the statement. Will this repeat itself now in August? Or will the RBA maintain its stable stance? New Motor Vehicle Sales: Tuesday, 1:30. Monthly sales of vehicles serve as another gauge for the wider economy. The volume of sales increased in the past four months, with a rise of 1.2% in June. MI Leading Index: Wednesday, 00:30. The Melbourne Institute takes nine economic indicators into its calculation which has been very stable of late, dropping 0.1% in July. A similar number could be seen now. Wage Price Index: Wednesday, 1:30. Contrary to jobs, changes in wages are published only on a quarterly basis. Rises in wages are necessary for core inflation to advance and rates to rise. Australian jobs report: Thursday, 1:30. Australia enjoyed a strong start to 2017, with big job gains. However, June’s report already showed a more modest rise of 14K jobs, as expected. The unemployment rate stood at 5.6%. Note the changes in full-time and part-time jobs. AUD/USD Technical Analysis The Australian dollar remained capped under 0.80 (mentioned last week). It then gradually dropped, hitting support at 0.7835. Technical lines from top to bottom: 0.83 was a swing high seen in early 2015 and is our top line. 0.8165 was another swing high, back in May 2015. 0.8065 is the most recent high seen in 2017. It is followed by the psychological round level of 0.80. 0.7920 was the low point the pair reached after the pair moved to the highs. 0.7835 remains important as the previous cycle high, seen in April 2016. Below, we find 0.7740, that was a high point in June 2017 and also beforehand. 0.7635 was a stepping stone on the way up, also in June. Even lower, we find 0.7565 was a low point before the pair shot higher in July. The last line, for now, is 0.7515. I am bullish on AUD/USD The Australian dollar consolidated and has room to rise. Our latest podcast is titled Draghi Dud and the Petrol Pendulum Follow us on Sticher or iTunes Safe trading! Yohay Elam Yohay Elam Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts. Yohay's Google Profile View All Post By Yohay Elam AUD/USD ForecastMinors share Read Next USD/JPY falls on words of war – Forecast August 14-18 Yohay Elam 6 years The Australian dollar drifted lower on risk aversion but hasn't collapsed. The meeting minutes and the jobs report stand out in the upcoming week. Here are the highlights of the week and an updated technical analysis for AUD/USD. Data has been mixed: the NAB business confidence advanced to 12 points, but home loans hardly increased in Australia: only 0.5%. Chinese data was also uninspiring. Yet the biggest driver to the downside came from North Korea. The heightened tensions with the US triggered a "risk off" sentiment that does not do any favors to the Australian dollar, a "risk currency". [do… 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.