AUD/USD Daily Forecast – 24 August

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Wednesday, Aug 23 2017

AUD/USD Daily Forecast – 24 August

There were no major data releases from Australia yesterday. The Australian Dollar has struggled to build upside momentum against its US counterpart since bouncing from rising trend support set from May/June lows. Prices seemingly completed a bullish Flag continuation pattern but have been unable even to retest the prior swing high, much less to overcome it.

In the US session New Home Sales figures were released. Sales of new single-family houses in July 2017 were at a seasonally adjusted annual rate of 571,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 9.4 percent below the revised June rate of 630,000 and is 8.9 percent below the July 2016 estimate of 627,000. The median sales price of new houses sold in July 2017 was $313,700. The average sales price was $371,200. The seasonally-adjusted estimate of new houses for sale at the end of July was 276,000. This represents a supply of 5.8 months at the current sales rate.

There will be no data releases from Australia tomorrow. In the US session Unemployment Claims and Existing Home Sales figures will be published. Analysts predict increase in Unemployment Claims to 237,000, while Existing Home Sales should come to an annual rate of 5,55 million.

Figures to watch:

Unemployment Claims (Thursday 14:30)

Existing Home Sales (Thursday 16:00)

More in this category: « EUR/USD Daily Forecast – 23 August GBP/USD Daily Forecast – 24 August »

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