AUD/USD is stuck below 0.70

The next week may definitely be called Australian due to the huge amount of economic releases.

Fundamentals

AUD/USD has been fluctuating in a 100-pip range between 0.6925 and 0.7025 in almost two weeks. The upward rally has slowed down because of escalating tensions between China and Australia. Moreover, increasing numbers of coronavirus cases deteriorated the market sentiment and pushed down the risky aussie. Yesterday the mixed data from Australia was released. The employment change came out better than anticipated: 210 800 people found new jobs, while the forecast was only for 106 000. Unfortunately, the 7.4% unemployment rate exceeded expectations by 0.2%. The AUD slightly surged after the report, but then fell down. Today the US consumer sentiment will have a huge impact on the pair performance. Stay tuned at 17:00 MT time. Also, pay attention on the next week as it will be full of the Australian data:

• The head of the Reserve Bank of Australia Philip Lowe will make a statement on Tuesday, July 21 at 5:30 MT time.
• The next day retails sales will be released at 4:30 MT time.
• On July 24 the Australian PMI will be reported at 2:00 MT time.

Technical tips

AUD/USD bounced back from the key resistance at 0.7025, but met the strong support at 50-period moving average at 0.6965. The resistance level is at the key psychological mark at 0.7000. If it crosses it, the pair will surge to the next one at 0.7025. The support is at 0.6965. The move below will drive the price lower to the next support at 0.6925. Follow economic releases and trade accordingly!

Check the economic calendar

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Author: FBS Analyst Team

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