Skip to Content
News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View More
Australian Dollar Forecast: Key AUD/USD Levels to Watch

Australian Dollar Forecast: Key AUD/USD Levels to Watch

Justin McQueen, Strategist

Australian Dollar Analysis and Talking Points

AUD/USD | RBA Beginning to Talk Down Currency

The Australian Dollar has largely been in consolidation mode against the greenback since hitting a fresh 2020 high above 0.7000 at the back end of last week. In recent weeks, the AUD has predominantly tracked equity markets, which in turn has seen a sizeable recovery in the currency since the March lows. However, upside could be capped at the 0.7000 level, particularly with the RBA beginning to jawbone the currency with RBA’s Harper noting that a rate back above 0.7000 would be unhelpful. That said, as uncertainties over a second wave pick up, most notably in China, AUD/USD may come under renewed pressure with a closing break below 0.6800 to open up a move towards 0.6650.

AUD/USD Bearish
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily 18% -6% 6%
Weekly -1% -6% -3%
Learn how to use Sentiment in your trading strategy
Get My Guide

Although, in the absence of a fresh negative catalyst with equity markets continuing to recover, we do not rule out a possible retest of the 2020 high at 0.7061, which would likely negate a near-term bearish bias.

Trading Forex News: The Strategy
Trading Forex News: The Strategy
Recommended by Justin McQueen
Trading Forex News: The Strategy
Get My Guide

Implied Weekly range (0.6750 - 0.6990)

SupportResistance
0.682050% Fib0.6900-
0.6775June 15th low0.7000-
0.6665200DMA0.70612020 High

AUD/USD Price Chart: Weekly Time Frame

Source: IG Charts

--- Written by Justin McQueen, Market Analyst

Follow Justin on Twitter @JMcQueenFX

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

DISCLOSURES