The Aussie retreated and lost gains of a few weeks. The upcoming week consists of quite a few events that can move the currency. Here is an outlook for the Australian events, and an updated technical analysis for AUD/USD, now in the lower end of the wide range. It was a busy week for Aussie traders. Employment figures disappointed once again,with a very small gain in jobs. The RBA left the interest rate unchanged at 4.75%, and the future isn’t clear. The head of the RBA will have a chance to clarify future policy now. Let’s start: AUD/USD daily chart with support and resistance lines marked. Click to enlarge: NAB Business Confidence: Tuesday, 1:30. The National Australia Bank has shown a deterioration in business confidence in the past two months. The score halved from 14 to 7 during this time. A stabilization is likely now. Chinese CPI: Tuesday, 2:00. Is Australia’s main partner overheating? This is one of the questions debated in the last few months. The official figure is at around 5% (annually) in the past few months. A rise from 5.3% to 5.5% is expected now. MI Leading Index: Wednesday, 00:30. The Melbourne Institute, which also publishes inflation indicators, now releases a wide indicator of the economy – a combination of 9 other figures. The past four months have been positive, with some also including upwards revisions of previous releases. A weaker rise than last month’s +0.5% is likely now. Westpac Consumer Sentiment: Wednesday, 00:30. The picture isn’t too good according to Westpac. Its consumer sentiment indicator, based on a survey of 1200 consumers, has been choppy in recent months. Another small drop is now expected, after the significant 1.3% drop last time. MI Inflation Expectations: Wednesday, 1:00. Official inflation and also MI’s unofficial numbers are elevated and have been above an annual level of 3% for some time. The ease to 3.3% last month will probably be followed with another drop, but the number will likely remain above 3%. Glenn Stevens talks: Wednesday, 2:00. The governor of the RBA will speak in Brisbane and will have a chance to clarify future rate moves in Australia. Both cuts and hikes are possible in 2011. New Motor Vehicle Sales: Thursday, 1:30. While this indicator is quite volatile, it still is a good gauge of the economy. After a drop of 3.5% last month, a small rise is likely now. * All times are GMT. AUD/USD Technical Analysis The Aussie made fresh attempts to break above the 1.0775 line, which it encountered at the end of the previous week. But after this barrier held, the pair fell and eventually even lost the 1.0580 line. Technical levels, from top to bottom: The float era high of 1.1012 is already a definite line of resistance, just above the round number of 1.10. 1.0850 had a chance to work in both directions – capping the pair on the way up, and later temporary halting the pair on the way down. It proved to be quite strong just now and is of high importance. 1.0775 was a key resistance level in the past weeks, and it remains a very tough resistance line. 1.07 was a pivotal line for another week in. It now works as weak resistance. 1.0580 turns into strong resistance, after it was broken. It capped the pair for long days and provided support just now. It will hold any recovery attempt. The round number of 1.05 managed to cushion the recent fall, and returns to be of importance.. 1.0440 proved to be a very strong support line after being a swing low a few weeks ago. 1.0390 was a distinctive line that worked in both directions at the beginning of April and is weak support now. A stepping stone for the Aussie on its way up was 1.0315. It is likely to be a stepping stone on the way down if the pair collapses. An important cushion is 1.0254, the 2010 high that is still far behind. I am neutral on AUD/USD. There are too many worrying signs about the Australian economy, though it is still strong. The US economy is still doing worse. 1.0440 to 1.0775 is the wide range to watch. 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 New Zealand dollar (kiwi), read the NZD forecast. For USD/CAD (loonie), check out the Canadian dollar For the Swiss Franc, see the USD/CHF forecast. 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 Forex Daily Outlook – June 13 2011 Anat Dror 12 years The Aussie retreated and lost gains of a few weeks. The upcoming week consists of quite a few events that can move the currency. Here is an outlook for the Australian events, and an updated technical analysis for AUD/USD, now in the lower end of the wide range. It was a busy week for Aussie traders. Employment figures disappointed once again,with a very small gain in jobs. The RBA left the interest rate unchanged at 4.75%, and the future isn't clear. The head of the RBA will have a chance to clarify future policy now. 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