Down Under is Heading Up Against the USD
As the Australian dollar makes a mini-comeback against the USD, the 52-week trading range for this currency pair is 0.6828 on the low end and 0.7849 on the high-end. On Friday, 17 June, the Australian dollar gained ground against the greenback during the Asian trading session. This currency pair is likely to find support at the 0.7316 level, and if it plunges beneath that level it will likely find its next support level at 0.7239. Resistance will be found at 0.7436, and if the pair breaks through that resistance level, the next resistance level is at 0.7479.
Economic data releases are expected for the upcoming week in Australia, including the minutes of the June meeting of the Reserve Bank of Australia, the House Price Index and the Westpac leading index.
Below are the most important upcoming meetings on the economic calendar for Australia:
- On Monday, 20 June 2016 the Reserve Bank of Australia Meeting Minutes will be released
- On Tuesday, 21st of June 2016 the Westpac leading index month on month for May figures will be released with a forecast of -0.2% and a previous forecast of +0.25%
- On Tuesday, 28 June 2016 the HIA new home sales month on month for May will be released with a previous figure of -4.7%
- On Wednesday, 29 June 2016 private sector credit year on year for May and month on month for May will be released with previous figures of 6.7% and 0.5% respectively.
- On Thursday, 30 June 2016 the AIG manufacturing index for June will be released with a consensus forecast of 53.5 and a previous figure of 51
Over the course of the next 10 days, these economic indicators will provide direction to the AUD/USD currency pair. The better the performance of actual economic data in Australia, the stronger the AUD will be relative to the USD, and vice versa.
Economic Data Releases for the USD
The following economic data releases are scheduled for the US this coming week:
- On Monday, 20 June 2016, 3-month bill auction figures and 6-month bill auction figures will be released with 0.270% and 0.400% respectively as previous figures
- On Tuesday, 21 June 2016 Redbook figures year on year and month on month will be released for June with previous figures of 0.7% and -1% respectively
- On Wednesday, 22 June 2016, existing home sales for May will be announced with a consensus forecast of 5.4 million homes in a previous figure of 5.45 million homes
- On Thursday, 23 June 2016, new home sales for May will be released with a consensus forecast of 531,000 and a previous figure of 619,000
- On Friday, 24 June 2016, US durable goods orders month on month for May will be released with a forecast of -1.1% and a previous growth figure of 3.4%.
