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AUD/USD Weekly Forecast – 26 June – 30 June

Saturday, Jun 24 2017
AUD/USD Weekly Forecast – 26 June – 30 June

Events that marked the week:

On Wednesday MI Leading Index figures were released from Australia. The six month annualised growth rate in the Westpac-Melbourne Institute Leading Index, which indicates the likely pace of economic activity relative to trend three to nine months into the future, eased from 1.01% in April to 0.62% in May. Westpac’s Senior Economist, Matthew Hassan, commented, “The index is pointing to a clear slowing in momentum.

There were no major data releases in the rest of the week. Following the Reserve Bank of Australia’s (RBA) policy meeting and the drop in the U.S oil prices, the pair dropped down and the market has become difficult to trade on in the short term. In the long term, the pair might go higher and indicate areas of resistance. Traders should pay attention to the future course of direction for the other commodities as well.

 

This week markets will be looking at:

 

HIA New Home Sales (Thursday 3:00)

Private Sector Credit (Friday 3:00)

More in this category: « EUR/USD Weekly Forecast – 05 June – 09 June GBP/USD Weekly Forecast – 26 June – 30 June »

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