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As the RBA warned, the available Q2 data is pointing to a likely moderation in Q2 GDP growth in Australia. The Aussie dollar lost its up-move momentum and “AUDUSD forming Double Top” could be a reality. Here is today’s economic calendar and AUD/USD forecast.
Economic Calendar
Thursday
First off today was  National Australia Bank’s Business Confidence which is a survey of the current business condition in Australia, at 1:30 AM GMT. Next, Japan’s All Industry Activity Index is released at 4:30 AM GMT, followed by Switzerland’s Trade Balance at 6 AM.
UK’s Retail Sales report is scheduled for 8:30 AM which could create volatility in the GBP crosses.
The most important event of today is ECB Interest Rate Decision announced by the European Central Bank at 11:45 AM GMT Followed by their press conference at 12:30 PM. Traders will be all ears to see what the ECB will signal for their monetary policy after Brexit.
Later, the US Leading Indicators is released by the Conference Board at 2 PM GMT, and Japan will end the trading day by releasing their Foreign bond investment for July at 11:50 PM GMT.
Friday
We have a ton of  Purchasing Managers Index (PMI) releases today from around the world including that of Germany’s Markit PMI Composite at 7:30 AM GMT, Euro zone’s Markit PMI Composite at 8 AM, UK Markit Manufacturing PMI at 8:30 AM, and the US Markit Manufacturing PMI at 1:45 PM.
Other than this Canada’s Consumer Price Index (CPI)  is to be out at 12:30 PM, the same time their monthly Retail Sales is released. Baker Hughes US Oil Rig Count is scheduled for 5 PM to end a volatile trading week.
AUD/USD Forming Double Top – Technical Analysis
As the AUD/USD pair enter the Ichimoku cloud, it could be forming a Double Top Chart pattern Which could be confirmed at 50% Fibonacci level at 0.7330. Resistance remains at 0.76 and 0.78 in extension.
