After a brutal month of May, the Australian dollar roared back, gaining about 260 pips against the US dollar, as the aussie even touched above parity. The pair closed the week just above the 0.99 line, at 0.9907. The upcoming week is very quiet, with just three releases. Here is an outlook for the Australian events, and an updated technical analysis for AUD/USD. The Australian dollar was buoyed by some excellent economic data. GDP jumped 1.3%, its best result in four years. As well, Employment Change was well above the market forecast. The markets shrugged off some of the weaker releases, such as the rise in unemployment. Updates: The Australian dollar rose after the announcement of the Spanish bailout. The aussie charged over the parity line, as AUD/USD climbed as high as 1.009. It then retraced, and was trading at 0.9951. The first release of the trading week will be NAB Business Confidence on Tuesday. The market estimate stands at -2 points, which would be the indicator’s lowest reading since October. The aussie continues to lose ground, as AUD/USD was trading at 0.9913. RBA Governor Steven’s delivered a speech at the Prime Minister’s Economic Forum in Brisbane. Consumer Sentiment declined sharply in May, dropping to 0.3%. The aussie continues to edge towards parity. AUD/USD was trading at 0.9979. The MI Inflation Expectations came in at 2.3%. This was the lowest reading in over five years, and could be a sign of lower inflation. AUD/USD was down slightly, trading at 0.9952. AUD/USD graph with support and resistance lines on it. Click to enlarge: NAB Business Confidence: Tuesday, 1:30. Business Confidence has been steadily rising over the past few months, as the indicator posted a reading of 4 points in May. Westpac Consumer Sentiment: Wednesday, 00:30. This indicator tends to show some volatility, which makes accurate forecasts a tricky task. After two consecutive readings in negative territory, the May release managed to push above the zero level, at 0.8%. Will the indicator remain in positive territory in June? MI Inflation Expectations: Thursday, 1:00. Analysts are interested in inflation expectations, since these readings often correlate with real inflation figures. The May reading was down slightly, at 3.1%. * All times are GMT. AUD/USD Technical Analysis AUD/USD opened at 0.9642. The pair dropped to a low of 0.9642, and then reversed direction, as it reached a high of 1.0022. AUD/USD closed the week just at 0.9907 as the resistance line of 0.9917 (discussed last week) held firm. Technical levels from top to bottom: We begin higher this week, with strong resistance at 1.0552. Next, there is resistance at 1.0482. This line has held firm since March. Below, there is resistance just above the 1.04 line, at 1.0402. This line was fluid for much of April. Close by, 1.0340 is the next line of resistance. Below, the line of 1.0230 is providing resistance for the pair. Next is the line of 1.0080, which had been protecting the all-important parity level since December 2011. This line was breached in May, and is now providing resistance. The next line of resistance is 0.9917, which was breached by the pair this week on its upwards swing, and is currently providing weak resistance. The pair is receiving support at the line of 0.9860. This is followed by 0.9780, which has reverted to a support line. It had provided resistance last week, following the sharp slide by AUD/USD. The next support line is 0.9668. This line has strengthened as the pair trades at higher levels. Below, there is support at 0.9541. Next, there is strong support just above the 0.94 level, at 0.9405. Our final support line for now is at 0.9294, which has held firm since September 2011. I am neutral on AUD/USD. The Australian dollar certainly had an impressive week, reversing its recent steep slide. Will the upward trend continue? With the crises in Greece and Spain, investors will continue to keep a close eye on safe haven currencies, which could reduce demand for the Australian currency. As well, weaker demand in China, Australia’s number one trading partner, could dampen economic growth in Australia. However, if the Australian economy continues to churn out some strong figures, we could see the aussie continue to improve. 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 USD/JPY Outlook June 11-15 Anat Dror 10 years After a brutal month of May, the Australian dollar roared back, gaining about 260 pips against the US dollar, as the aussie even touched above parity. The pair closed the week just above the 0.99 line, at 0.9907. The upcoming week is very quiet, with just three releases. Here is an outlook for the Australian events, and an updated technical analysis for AUD/USD. The Australian dollar was buoyed by some excellent economic data. GDP jumped 1.3%, its best result in four years. As well, Employment Change was well above the market forecast. The markets shrugged off some of the… 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.