AUD/USD is testing the highest of a downtrend resistance!

Will the pair prolong its weekly losses within the subsequent buying and selling periods?

Earlier than shifting on, ICYMI, I’ve listed the potential financial catalysts that it’s essential to be careful for this week. Examine them out earlier than you place your first trades immediately!

And now for the headlines that rocked the markets within the final buying and selling periods:

Recent Market Headlines & Financial Knowledge:

U.S. Secretary of State Antony Blinken had “productive” talks with Chinese language International Minister Qin Gang, set to fulfill Chinese language President Xi Jinping later immediately

NZ BusinessNZ Providers Index is up by 3.2 factors from upwardly revised 50.1 in April to 53.3 in Could. All 5 measures exhibiting growth.

Rightmove: Asking costs for British houses fell in June for the primary time in six years, because of larger mortgage and rate of interest expectations

Asian equities and crude oil dip on profit-taking and international progress issues as main banks downgraded their Chinese language GDP estimates

Worth Motion Information

Overlay of AUD Pairs 15-min

We didn’t see a variety of market-moving knowledge launched through the Asian session, so merchants largely repriced their danger sentiment expectations.

AUD began Monday on a weak notice because of main banks downgrading their Chinese language GDP forecasts and different merchants not seeing a variety of accessible satisfying stimulus choices for the Folks’s Financial institution of China (PBOC) this week.

The Australian greenback finally recovered from its intraday lows, nonetheless, and a few cautious risk-takers have been capable of elevate AUD virtually near its open costs just a few hours into the European session.

U.S. markets out on Juneteenth vacation
Canada’s industrial and uncooked supplies value indices at 12:30 pm GMT
U.S. NAHB housing market index at 2:00 pm GMT
RBA’s assembly minutes at 1:20 am GMT (June 20)

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AUD/USD 15-minute Foreign exchange Chart by TV

AUD/USD is consolidating close to .6870, which isn’t shocking as a result of it’s slightly below immediately’s Pivot Level (.6880) stage and Friday’s intraday help zone.

This time round, .6870 additionally marks the highest of a descending channel that’s been limiting AUD/USD’s positive factors since Thursday.

Does this imply that AUD/USD is prepared for extra losses?

AUD/USD’s subsequent path may depend upon the Reserve Financial institution of Australia (RBA)’s assembly minutes.

If particulars of the final RBA assembly level to much more rate of interest hikes from the central financial institution, then AUD/USD may bust above the resistance zone and make new weekly highs.

But when the RBA gang isn’t as hawkish as its preliminary assertion portrayed, or if extra merchants anxious about international (however largely Chinese language) progress within the subsequent buying and selling periods, then AUD/USD may head decrease.

The S1 (.6850) of immediately’s Normal Pivot Factors appears like preliminary goal for AUD bears, however AUD/USD may additionally drop to S2 (.6830) close to immediately’s lows if there’s sufficient bearish momentum.