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Australian Dollar Forecast: Key AUD/USD Levels to Watch

Australian Dollar Forecast: Key AUD/USD Levels to Watch

Justin McQueen, Analyst

Australian Dollar Analysis and Talking Points

  • AUD/USD | Contained by Cluster of DMA’s
  • Australian Dollar Rises on Retail Sales Report
  • Jobs and Inflation Reports are Pivotal to February Rate Decision

AUD/USD | Contained by Cluster of DMA’s

Overnight, the Australian Dollar had been supported by better than expected retail sales data amid the impact of Black Friday sales. Although, while this may have seen a slight easing of RBA rate cut bets, the seasonal effects in the data somewhat masks the underlying strength of consumption, therefore a clearer image will be provided in the December report. That said, with expectations of a rate cut from the RBA in February split 50/50 focus will be firmly fixed on the Australian jobs report (Jan 23rd) and CPI figures (Jan 29th).

On the technical front, AUD/USD has been contained between 0.6850-0.6900 as the pair consolidates after its topside rejection from the beginning of the year. On the downside, support is situated at 0.6838, which marks the December 17/18th double bottom and coincides with the 100DMA, while topside resistance hovers around 0.6890-0.6900.

Implied range for next week (0.6820 – 0.6930)

Support

Resistance

0.6838

Dec 17/18 double bottom

0.6882

Yesterday’s High

0.6825

Trendline Support

0.6890-0.6900

-

0.6800

Dec 10th low

0.6950

-

AUD/USD Price Chart: Daily Time Frame (Mar 2019 Jan 2020)

Australian Dollar Forecast: Key AUD/USD Levels to Watch

Source: IG

--- Written by Justin McQueen, Market Analyst

To contact Justin, email him at Justin.mcqueen@ig.com

Follow Justin on Twitter @JMcQueenFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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