AUD/USD reversed directions last week and dropped 100 points. The pair closed at 0.7584. It’s a light week, with only three events on the calendar. Here is an outlook on the major market-movers and an updated technical analysis for AUD/USD. In Australia, a downbeat rate statement from the RBA weighed on the Aussie. Australian Retail Sales softened to 0.6%, but still beat expectations. In the US, the Federal Reserve minutes pointed to division over the timing of the balance sheet reduction and concerns about low inflation. There was mixed news on the employment front, as Nonfarm Payrolls rebounded to 222 thousand, but wage growth remained weak. Updates: AUD/USD daily graph with support and resistance lines on it. Click to enlarge: NAB Business Confidence: Tuesday, 1:30. The indicator softened to 7 points in May, down from 13 points a month earlier. Will we see a rebound in the June report? Westpac Consumer Sentiment: Wednesday, 00:30. Consumer confidence has been dropping, with the indicator posting three straight declines. In June, the indicator dropped to 1.8%, the weakest reading in 2017. MI Inflation Expectations: Thursday, 1:00. Analysts keep a close look at this indicator, as inflation expectations can turn into actual inflation readings. The indicator softened to 3.6% in June, down from 4.0% a month earlier. AUD/USD Technical Analysis AUD/USD opened the week at 0.7687 and quickly touched a high of 0.7695. It was all downhill from their, as the pair reversed directions and dropped to a low of 0.7567, as support held firm at 0.7513 (discussed last week). The pair closed the week at 0.7584. Technical lines from top to bottom: We start with resistance at 0.7938. 0.7835 was the high point in April 2016. 0.7749 has been a resistance line since March. 0.7611 has switched a resistance role after sharp losses by AUD/USD. It is a weak line 0.7513 is an immediate support line. 0.7429 is next. 0.7319 has been a cushion since early May. 0.7200 is the final support line for now. I am bullish on AUD/USD The Fed is on record that it will raise interest rates a third time in 2017, but the markets have their doubts, as inflation remains weak and second quarter numbers in the US have not impressed. If there are signs from the Fed that it will remain on the sidelines until 2018, the US dollar could lose ground. Our latest podcast is titled Where are the wage hikes? Follow us on Sticher or iTunes Safe trading! Further reading: For a broad view of all the week’s major events worldwide, read the USD outlook. For EUR/USD, check out the Euro to Dollar forecast. For the Japanese yen, read the USD/JPY forecast. For GBP/USD (cable), look into the British Pound forecast. For the Canadian dollar (loonie), check out the Canadian dollar forecast. For the kiwi, see the NZD/USD forecast. 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 USD/CAD Forecast July 10-14 2017 Kenny Fisher 6 years AUD/USD reversed directions last week and dropped 100 points. The pair closed at 0.7584. It's a light week, with only three events on the calendar. Here is an outlook on the major market-movers and an updated technical analysis for AUD/USD. In Australia, a downbeat rate statement from the RBA weighed on the Aussie. Australian Retail Sales softened to 0.6%, but still beat expectations. In the US, the Federal Reserve minutes pointed to division over the timing of the balance sheet reduction and concerns about low inflation. There was mixed news on the employment front, as Nonfarm Payrolls rebounded to 222… 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.
