AUD/USD continued to sag last week and dropped 230 points, as the pair closed at 0.7319. There are only two events this week. Here is an outlook on the major market-movers and an updated technical analysis for AUD/USD.
The US dollar continues to post broad gains after Trump’s victory. US inflation numbers were mixed, while unemployment claims dropped to a 43-year low. Australian employment change added 9.8 thousand, but this was well short of expectations.
Updates:
AUD/USD graph with support and resistance lines on it. Click to enlarge:
- RBA Assistant Governor Christopher Kent Speech: Tuesday, 7:45. Kent will speak at an event in Sydney. A speech which is more bullish than expected is bullish for the Australian dollar.
- Construction Work Done: Wednesday, 00:30. The quarterly indicator continues to struggle and has posted four straight declines, all of which missed expectations. The markets are expecting another decline in Q3, with an estimate of -1.5%.
AUD/USD Technical Analysis
AUD/USDÂ opened the week at 0.7551 and climbed to a high of 0.7581, as resistance held firm at 0.7597 (discussed last week). It was all downhill from there, as the pair dropped to a low of 0.7319, where it closed the week.
Live chart of AUD/USD:
