For the second week in a row, the Australian dollar was almost unchanged over the week, as AUD/USD closed at 1.0223. The upcoming week has six releases. Here is an outlook for the Australian events, and an updated technical analysis for AUD/USD. AUD/USD did show some upward movement, but very weak employment numbers prevented the aussie from making any gains against the greenback. Updates: Monetary Policy Meeting Minutes will be released by the RBA on Tuesday. A report which is more hawkish than expected is bullish for the aussie. AUD/USD is quiet, as the pair was slightly above the 1.02 line, trading at 1.0211. Minutes from the RBA’s most recent policy meeting indicated that recent interest rate cuts and indications of economic growth were key factors in the central bank’s decision to maintain interest rates in July. The rate is currently 3.5%. New Motor Vehicle Sales disappointed, dropping 0.6%. The aussie continues to improve, and briefly crossed above the 1.03 line. AUD/USD was trading at 1.0286. MI Leading Index climbed 0.8%. It was the largest gain since October 2011. The Australian dollar edged upwards, crossing the 1.03 line. AUD/USD was trading at 1.0312. NAB Quarterly Business Confidence disappointed the markets, dropping to -2 points. This represents a three-month low, and indicates weak business sentiment about the Australian economy. The aussie continued to push upwards, crossing the 1.04 line. AUD/USD was trading at 1.0433. The pair has now reached its highest levels since late April. AUD/USD graph with support and resistance lines on it. Click to enlarge: Monetary Policy Meeting Minutes: Tuesday, 1:30. Analysts scrutinize this report from the central bank for clues about future monetary policy, especially interest rates. A report which is more hawkish than expected is bullish for the Aussie. New Motor Vehicle Sales: Tuesday, 1:30. This indicator is a useful measure of consumer confidence, although the indicator tends to be volatile. The indicator had a strong showing in June, jumping 2.4%. MI Leading Index: Wednesday, 12:30. This important index is comprised of nine economic indicators. The index has enjoyed a recent upswing, climbing 0.5% in the previous reading. NAB Quarterly Business Confidence: Thursday, 1:30. Business confidence is critical for economic growth, making this quarterly release important. The index dropped to -1 point in the previous reading, indicating weak business confidence in the Australian economy. Will the index improve and cross into positive territory this month? RBA Assistant Governor Christopher Kent Speaks: Thursday, 23:15. The markets will be listening for any clues about monetary and economic policy and possible monetary action by the RBA. Import Prices: Friday, 1:30. This index declined 1.2% in Q1. The markets are expecting a reversal for Q2, with an estimate of a 1.6% gain. * All times are GMT AUD/USD Technical Analysis AUD/USD opened at 1.0195. The pair reached a high of 1.0281. AUD/USD then dropped to 1.0122, as the resistance line of 1.0080 (discussed last week) held firm. The pair closed the week at 1.0223. We begin with resistance just above the round figure of 1.06, at 1.0605. This is followed by resistance at 1.0557, which has held firm since May 2011. Next, the line of 1.0482 is providing resistance. This line has held firm since March. Below, there is resistance just above the 1.04 line, at 1.0402. This line saw a lot of movement before the aussie’s sharp slide in May. Close by, 1.0340 is the next line of resistance. Below, 1.0230 was again briefly breached this week, but is still providing the pair with weak resistance. This line could face further testing if the aussie strengthens. AUD/USD is receiving support at 1.0174. Below, there is support at 1.0080. This line held firm as the pair showed some strength during the week. Next, is the psychologically important parity level, which saw action in June. The next support level is 0.9917, which has strengthened as the pair contrinues to trade above the 1.02 line. Next, there is support at 0.9860. This is followed by 0.9780, which has held firm since last November. The next support line is 0.9668. This is followed by support at 0.9580. Since dropping to this level in the first week of June, AUD/USD has rebounded in impressive fashion. The final support line for now is just above the 0.94 level, at 0.9405. I am neutral on AUD/USD. The recent rally by the aussie appears to have run out of steam, as the pair has been unable to break out in July. Australia continues to suffer from the global slowdown, and weaker data out of China is bad news for Australia, since China is the country’s largest trading partner. Recent employment data was a big disappointment, and further weak releases could hurt confidence in the Australian economy and weaken the Australian dollar. The Aussie sometimes moves in tandem with gold. You can trade binary options on gold using this technical analysis. 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 Australian dollar (Aussie), check out the AUD to USD forecast. For the New Zealand dollar (kiwi), read the NZD forecast. For USD/CAD (loonie), check out the Canadian dollar 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 GBP/USD Outlook July 16-20 Kenny Fisher 10 years For the second week in a row, the Australian dollar was almost unchanged over the week, as AUD/USD closed at 1.0223. The upcoming week has six releases. Here is an outlook for the Australian events, and an updated technical analysis for AUD/USD. AUD/USD did show some upward movement, but very weak employment numbers prevented the aussie from making any gains against the greenback. Updates: Monetary Policy Meeting Minutes will be released by the RBA on Tuesday. A report which is more hawkish than expected is bullish for the aussie. 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