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AUD/USD Current Price: 0.6767
- Australia will release the June employment report early on Thursday.
- The American dollar swung alongside the market’s sentiment after US CPI figures.
- AUD/USD has limited bullish potential in the near term, needs to clear 0.6810.
The AUD/USD pair advanced for a second consecutive day, now trading around the 0.6760 level. The intraday direction depended on the greenback, which appreciated amid a bout of risk-aversion. The dismal mood was triggered by US inflation figures, as the headline Consumer Price Index reading soared by 9.1% YoY in June, a new 40-year high. Equities plunged with the numbers, weighing on the pair, later bouncing alongside Wall Street.
Australia published July Westpac Consumer Confidence, which improved in July to -3% from -4.5% in the previous month. The country will report June employment data in the upcoming Asian session and is expected to have added a modest 25K new jobs after gaining 60.6K in the previous month, while the Unemployment Rate is foreseen down to 3.8% from 3.9% in May. Ahead of the figures, Australia will also unveil July Consumer Inflation Expectations, with analysts expecting it at 5.9%, down from 6.7% previously.
AUD/USD short-term technical outlook
From a technical point of view, the upside remains limited for AUD/USD. The daily chart shows that technical indicators turned marginally higher, although they are still below their midlines and lacking enough strength to confirm further advances. Meanwhile, moving averages maintain their bearish slopes above the current level, now hovering around 0.6870-
The 4-hour chart shows that the pair is struggling around a mildly bearish 20 SMA, while the RSI indicator has already retreated within negative levels. The Momentum indicator, on the other hand, maintains its bullish slope above its midline. Bulls could have better chances if the pair clears the 0.6810 resistance level.
Support levels 0.6710 0.6670 0.6625
Resistance levels: 0.6810 0.6850 0.6890
View Live Chart for the AUD/USD
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