AUD/USD Weekly Forecast 02-July to 06-July, The Best Forex Signals Provider

AUD/USD Weekly Forecast 02-July to 06-July

The Australian dollar (AUD) is potentially a higher yielding currency. It is very uncertain and conventionally rises when commodities and stocks advance and when the risk appetite exceeds. It becomes progressively worse when the market is in “risk aversion” mode: the outlook for global demand is inactive.

The technical behavior of Aussie’s is generally commendable which indicates the respecting lines of support, resistance, and diagonal trend lines, etc. AUD and USD have become most accepted by techies in recent year, even after the financial crisis which brought the famous bear trade to a halt.

Australian export gets the boom in recent 25 years in metal such as iron and copper with China. We often find a positive correlation between the price of iron ore and Aussie$. You can book a free trial of forex signals with us. We are the best trading alerts provider in the United Kingdom.

According to the global mood, the Australian dollar was sensitive around trade. It dropped to 13-month down as fear grew, and becoming a less harmful option of restraining Chinese investment in the US. The private sector credit of Australia disappointed with slow growth but it does not make the situation unstable.

 AUD/USD daily graph with support and resistance lines on it.

1.AIG Manufacturing Index: Sunday, 22:30. The manufacturing sector showed the existent growth in 200-strong forward-looking survey of Australian industry group with a score of 57.5 points in May, though below previous levels and the similar level is observed for June.

2.MI Inflation Gauge: Monday, 1:00. Inflation indicator of Melbourne Institute provides updates information of the monthly change in price while the government published such figures only on a quarterly basis. In May prices remained flat according to MI. We will now get the figure for June.

3.ANZ Job Advertisement: Monday, 1:30. The Australian New Zealand Bank issue another glance at  the job market via this publication which examines ads, After two month of increases, ads remain flat in May.

CAIXIN, Manufacturing PMI:  Monday, 1:45. Chinese economy stood at 51.1 points in May in the independent manufacturing PMI. This score would be expected same for June, even though the official numbers mixed expectations over the weekend. China is Australia’s number 1 trade partner. 

Commodity Prices: Monday, 6:30. Prices of commodities rose by 3.6% in May after some months of y/y drops. Another increase could be seen in June.

Building Approval: Tuesday, 3:30. A sharp fall of 5% was recorded in April in Housing sector. May is projected to see a small increase of 0.1%.

Australian Rate Decision: Tuesday, 4:30. This time is unlikely to be different. Phillip Lowe and his colleagues are expected to leave the Cash Rate at 1.50%, which is entirely different from previous interest rate and not change from two years from the Reserve Bank of Australia. The statement has hardly changed either in recent months.

AIG Services Index: Tuesday, 22:30. According to AIG’s figures, Australia’s services sector is doing better than the manufacturing one. A score of 59 was seen May.

Retail Sales: Wednesday, 1:30. There is slightly above expectation of the influential release came out at 0.4% for April. May will now be projected to see an increase of 0.3% consumption. 

Trade Balance Wednesday, 1:30. Australia exports more than in imports. Australia enjoyed a trade excess of 0.98 billion in April and is projected to enjoy a wider excess of 1.21 billion in May.

AIG Construction Index: Thursday, 22:30. Australia’s construction sector is drop back according to AIG, with a score of 54 points in May.

AUD-USD Forecast 02-July to 06- July, forex signals providers

AUD/USD Technical Analysis

Aussie/USD plunged to bring down the ground, playing with the 0.7325 level said a week ago. It at that point recouped and shut the week around 0.74.

Specialized lines through and through:

Advance underneath, 0.7640 was an adamant pad in March and April. The fall underneath this line demonstrated its quality. 0.7610 was the pinnacle of an upwards move in late May.

0.7560 is the following level to watch after it was the recuperation level toward the beginning of May. 0.7520 was a swing low in late May.

0.7470 was an underlying low in late April and it is trailed by 0.7410, an old line from 2017. Additionally down, 0.7375 is eminent. 0.7325 was a help line back in May 2017 and is presently becoming an integral factor. 0.7250 filled in as an essential line in mid 2017 and the last line to watch is 0.7160 that was the swing low in those days. Source