Daily Price Outlook

During the Asian trading session, it reached a nearly three-week high. However, spot prices have slightly declined in the past hour and are currently trading near the 0.6720 level, still maintaining a gain of over 0.50% for the day.

The continuous decline in the value of the US Dollar (USD) for the past five days, fueled by rumors of the Federal Reserve (Fed) concluding its rate-hiking cycle, has been a significant positive for the AUD/USD pair.

Furthermore, a generally positive market sentiment has contributed to pushing the safe-haven dollar to a two-month low, providing support to the risk-on Australian dollar.

Nonetheless, with the upcoming release of US consumer inflation data during the early North American session, cautiousness prevails among bulls, resulting in restrained trading activities.

AUD/USD Price Chart – Source: Tradingview

AUD/USD - Technical analysis

The AUDUSD pair starts today's trading session with strong positive momentum, distancing itself from the 0.6665 level. This reinforces the expectation of a continued bullish trend on an intraday basis, with a target of 0.6780 being the main focus.

Upon closer analysis of the chart, we observe the completion of a double bottom pattern, which suggests the potential for the price to surpass the mentioned level and achieve further gains, targeting 0.6850, followed by 0.6924.

Consequently, we anticipate a predominance of bullish sentiment in the upcoming sessions, contingent on the price remaining stable above 0.6665.

The expected trading range for today is projected to be between the support level at 0.6690 and the resistance level at 0.6790.

Overall, the outlook for today's trend is bullish.

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Daily Price Outlook

• AUDUSD shows strong positive momentum, moving away from the 0.6665 level.
• Completion of a double bottom pattern indicates potential for surpassing key levels, targeting 0.6850 and 0.6924.
• Anticipate a bullish sentiment, provided the price remains stable above 0.6665.

The AUDUSD pair starts today's trading session with strong positive momentum, distancing itself from the 0.6665 level. This reinforces the expectation of a continued bullish trend on an intraday basis, with a target of 0.6780 being the main focus.

Upon closer analysis of the chart, we observe the completion of a double bottom pattern, which suggests the potential for the price to surpass the mentioned level and achieve further gains, targeting 0.6850, followed by 0.6924.

Consequently, we anticipate a predominance of bullish sentiment in the upcoming sessions, contingent on the price remaining stable above 0.6665.

The expected trading range for today is projected to be between the support level at 0.6690 and the resistance level at 0.6790.

Overall, the outlook for today's trend is bullish.

AUD/USD Price Chart – Source: Tradingview

AUD/USD - Trade Idea

Entry Price – Buy Limit 0.67011

Take Profit – 0.67658

Stop Loss – 0.66456

Risk to Reward – 1: 1.17

Profit & Loss Per Standard Lot = +$647/ -$555

Profit & Loss Per Micro Lot = +$64/ -$55

Daily Price Outlook

• The AUD/USD pair has rebounded, surpassing the 0.6665 level and closing above it, indicating potential for an intraday bullish wave.
• The presence above the EMA50 supports the anticipated bullish trend, with a target at 0.6780. Breaking above 0.6705 would further facilitate reaching this target.
• The bullish trend remains valid as long as the pair holds above 0.6665. The projected trading range for today is between the support level at 0.6640 and the resistance level at 0.6750.

The AUD/USD pair has made a rebound, surpassing the 0.6665 level and closing above it, indicating the potential for a bullish wave on an intraday basis. Our analysis suggests a possible move towards the next significant level at 0.6780.

The presence above the EMA50 provides support for the anticipated bullish trend, and breaking above 0.6705 would facilitate the achievement of our target. However, the bullish trend remains valid as long as the pair does not break below 0.6665 and sustain below it.

For today's trading, the projected range is expected to be between the support level at 0.6640 and the resistance level at 0.6750.

Overall, the outlook for today indicates a bullish trend in the AUD/USD pair.

AUD/USD Price Chart – Source: Tradingview

AUD/USD - Trade Idea

Entry Price – Buy Stop 0.67050

Take Profit – 0.67472

Stop Loss – 0.66673

Risk to Reward – 1: 2

Profit & Loss Per Standard Lot = +$422/ -$377

Profit & Loss Per Micro Lot = +$42/ -$37

Daily Price Outlook

The AUD/USD pair benefited from positive Australian sentiment data and the overall weakness in the US Dollar as bulls successfully broke above the critical resistance level of 0.6700 on Tuesday morning.

The pair capitalized on the lower US jobs report and negative US inflation forecasts, while paying little attention to recent hawkish comments from the Federal Reserve and the easing inflation concerns in China.

The Westpac Consumer Confidence Index for Australia exceeded expectations in July, rising by 2.7%. Additionally, the National Australia Bank's monthly business confidence numbers for June showed encouraging results. Business conditions improved from a score of 8 to 9, while business confidence increased from -4.0% to 0.0%.

Despite these positive Australian indicators, Federal Reserve officials continued to maintain a hawkish stance, which tested the resilience of the AUD/USD bulls. Mary Daly, president of the San Francisco Federal Reserve, emphasized the need for additional rate hikes to bring inflation back to the Fed's target.

Cleveland Fed President Loretta Mester also suggested the necessity of further monetary policy tightening to address inflation concerns. Vice Chair for Supervision at the Federal Reserve, Michael Barr, emphasized the central bank's commitment to bringing inflation down to the target level.

Looking ahead, traders monitoring the AUD/USD pair should focus on the risk factors that could influence intraday movements, as the economic calendar is relatively light before the significant events on Wednesday.

AUD/USD Price Chart – Source: Tradingview

AUD/USD - Technical analysis

The AUD/USD pair has made a rebound, surpassing the 0.6665 level and closing above it, indicating the potential for a bullish wave on an intraday basis. Our analysis suggests a possible move towards the next significant level at 0.6780.

The presence above the EMA50 provides support for the anticipated bullish trend, and breaking above 0.6705 would facilitate the achievement of our target. However, the bullish trend remains valid as long as the pair does not break below 0.6665 and sustain below it.

For today's trading, the projected range is expected to be between the support level at 0.6640 and the resistance level at 0.6750.

Overall, the outlook for today indicates a bullish trend in the AUD/USD pair.

Daily Price Outlook

• AUDUSD pair tests and consolidates below the significant resistance level of 0.6665.
• Technical indicators demonstrate clear negativity, suggesting a potential bearish continuation.
• The expected trading range for today is between the support level of 0.6570 and the resistance level of 0.6670.

The AUDUSD pair has tested the important resistance level at 0.6665 and is currently consolidating below it, initiating a decline at today's open.

The technical indicators are displaying clear negativity, indicating a potential resumption of the bearish movement with the next target set at 0.6545.

In light of these observations, we maintain our bearish outlook for the intraday timeframe. It is important to note that a breakthrough above 0.6665 would halt the anticipated decline and potentially trigger a recovery, leading the price to reestablish the main bullish trend.

AUD/USD Price Chart – Source: Tradingview

AUD/USD - Trade Idea

Entry Price – Buy Above 0.6637

Take Profit – 0.6720

Stop Loss – 0.6586

Risk to Reward – 1: 1.6

Profit & Loss Per Standard Lot = +$824/ -$511

Profit & Loss Per Micro Lot = +$82/ -$51

Daily Price Outlook

The AUD/USD pair is currently at 0.6650 following encouraging data from the US, which caused a 0.5% drop in the price of gold. At the US market close, spot gold was trading around $1,913 per ounce. However, spot silver rose by 0.3% to reach $22.85 per ounce, marking its third consecutive session of gains.

The AUD/USD pair's three-day winning streak faces resistance around the intraday high of approximately 0.6667–70 in Monday's European morning. Despite this, the pair manages to alleviate traders' concerns ahead of the Reserve Bank of Australia's (RBA) Interest Rate Decision scheduled for Tuesday.

The mixed US PCE Price Index released on Friday boosted investor sentiment and raised doubts about the possibility of a more aggressive monetary policy move by the Federal Reserve (Fed). This benefits the risk-sensitive Australian dollar (AUD). The AUD/USD pair is supported by weak demand for the US dollar (USD) and also receives a boost from slightly better-than-expected Chinese macroeconomic data.

China's Manufacturing PMI for June came in at 50.5, surpassing the forecast of 50.2%, according to official data from the National Bureau of Statistics (NBS). However, this figure is lower than May's reading of 50.9%, raising concerns about a potential slowdown in the world's second-largest economy. Additionally, expectations of future rate hikes by the Fed strengthen the USD and limit the upside potential for the AUD/USD pair.

As the first major US macroeconomic announcement of the week, market participants are now awaiting the release of the US ISM Manufacturing PMI scheduled for later during the early North American session. Meanwhile, the market's attention will remain focused on the FOMC meeting minutes on Wednesday and the highly anticipated NFP report on Friday.

AUD/USD Price Chart – Source: Tradingview

AUD/USD - Technical analysis

The AUDUSD pair has tested the important resistance level at 0.6665 and is currently consolidating below it, initiating a decline at today's open.

The technical indicators are displaying clear negativity, indicating a potential resumption of the bearish movement with the next target set at 0.6545.

In light of these observations, we maintain our bearish outlook for the intraday timeframe. It is important to note that a breakthrough above 0.6665 would halt the anticipated decline and potentially trigger a recovery, leading the price to reestablish the main bullish trend.

Daily Price Outlook

• AUD/USD has shown a bullish run, breaking above the 0.6585 resistance level.
• A bullish engulfing candlestick pattern suggests strong momentum and bullish sentiment.
• Target levels for further upward movement are 0.6640 and 0.6675.

The AUD/USD currency pair has experienced a bullish run, breaking above the key resistance level at 0.6585. On the four-hour timeframe, a bullish engulfing candlestick pattern has formed, indicating strong upward momentum and bullish sentiment towards the AUD/USD price.

Currently, it is trading around the 0.6612 level, with a high likelihood of continued upward movement towards the 0.6640 or 0.6675 levels. On the downside, immediate support is expected around the 0.6585 level, followed by potential support at 0.6550 or 0.6500 levels.

The 50-day exponential moving average, relative strength index (RSI), and moving average convergence divergence (MACD) indicators all suggest a balanced outlook for the currency pair. Therefore, it is important to monitor the 0.6585 level, as a successful break above it could lead to further upward momentum.

Additionally, keep an eye on the upcoming US unemployment figures, particularly the nonfarm payrolls (NFP) and unemployment rate, as they have the potential to influence additional price movements.

AUD/USD Price Chart – Source: Tradingview

AUD/USD – Trade Idea

Entry Price – Buy Above 0.65986

Stop Loss – 0.65452

Take Profit – 0.66726

Risk to Reward – 1 : 1.92

Profit & Loss Per Standard Lot = +$740/ -$534

Profit & Loss Per Micro Lot = +$74/ -$53

Daily Price Outlook

The AUD/USD pair continues to show bullish control as it approaches its weekly high near 0.6615 ahead of Friday’s European session. Despite concerns regarding the Reserve Bank of Australia’s policy reversal, the AUD/USD pair remains unaffected and benefits from overall weakness in the US dollar, along with positive domestic wage news.

The recent increase in the pair’s value may have been bolstered by the Senate’s approval of the US debt ceiling agreement. It’s worth noting that the Federal Reserve’s reduced hawkish stance and mixed US data have favored risk appetite and weighed on the US dollar, allowing the AUD/USD bulls to regain control after a two-day downtrend.

As a result, S&P 500 Futures show modest gains around 4,230, holding onto the previous day’s positive momentum. Meanwhile, the US 10-year Treasury bond yield, which experienced its first daily gain in six days, reflects the market’s concerns.

Looking ahead, RBA discussions and risk factors are likely to keep AUD/USD traders engaged before the crucial US jobs report and the final round of Fed negotiations before the pre-Federal Open Market Committee (FOMC) blackout period. It is also important to monitor the US Senate’s vote on the debt ceiling bill.

Forecasts suggest a decline in nonfarm payrolls (NFP) to 190K from the previous figure of 253K and an increase in the unemployment rate from 3.4% to 3.5%.

In terms of price analysis, the AUD/USD pair saw gains midweek, with a continuation of the upward movement during Thursday’s New York session as the US dollar weakened. Positive industrial data from China and expectations of a delayed interest rate hike by the Federal Reserve have boosted the Australian dollar, allowing it to recover from last month’s 1.7% loss.

According to a recent Reuters poll, the RBA is expected to maintain its key interest rate at 3.85% in June, despite inflation rising significantly beyond the target range.

AUD/USD Price Chart – Source: Tradingview

AUD/USD – Technical Outlook

The AUD/USD pair has seen a bullish surge, surpassing the important resistance level at 0.6585. On the four-hour chart, a bullish engulfing candlestick pattern has emerged, indicating strong momentum and positive sentiment towards the AUD/USD price.

Currently trading around 0.6612, the pair is likely to continue its upward trajectory towards levels such as 0.6640 or 0.6675. On the downside, immediate support is expected at 0.6585, followed by potential support at 0.6550 or 0.6500.

Technical indicators such as the 50-day exponential moving average, relative strength index (RSI), and moving average convergence divergence (MACD) suggest a balanced outlook for the currency pair. Therefore, it is crucial to monitor the 0.6585 level, as a successful breakout above it could lead to further upward momentum.

Furthermore, it is important to pay attention to upcoming US employment data, specifically the nonfarm payrolls (NFP) and unemployment rate, as these releases could have an impact on future price movements.

Daily Trading Signal

• The AUD/USD currency pair is experiencing a strong bearish sentiment around the 0.6515 level.
• Failure to break above the 38.2% Fibonacci retracement level suggests a continuation of the downtrend.
• Technical indicators like RSI and MACD indicate a bearish bias, supporting the idea of a downward movement in AUD/USD.

The AUD/USD currency pair is currently exhibiting a strong bearish sentiment around the 0.6515 level. The selling pressure intensified after the pair failed to break above the 38.2% Fibonacci retracement level, which acted as a solid resistance at around 0.6555. The candlestick patterns closing below this level suggest a potential continuation of the downtrend in the Australian dollar.

On the four-hour timeframe, the RSI is below the 50 level, indicating a bearish bias, while the MACD is forming smaller histograms compared to the previous ones, signaling a strong selling pressure in the AUD/USD pair.

Furthermore, the 50-day moving average is acting as resistance around the 0.6520 level, and the candlestick closing below this moving average supports the possibility of further bearish continuation.

Therefore, the outlook for the AUD/USD currency pair today is bearish. It is important to monitor the 0.6530 level and consider short positions targeting the 0.6489 level.

AUD/USD - Trade Idea

Entry Price – Sell Below 0.65260

Stop Loss– 0.65599

Take Profit – 0.64901

Risk to Reward – 1 : 1

Profit & Loss Per Standard Lot = +$359/ -$339

Profit & Loss Per Micro Lot = +$35/ -$33