AUD/USD Live News

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Jun. 7, 2023

Aussie-Dollar set for weak finish today; down 0.28% to 0.6656 with a hour before close

Live - Updated 5 minutes ago.

In a range-bound session favoring short positions, the Australian dollar remains constrained in a 0.6581 to 0.6718 range and is currently trading close to 0.6656.

Australia GDP published today at 01:30 UTC came out at 0.2, falling short of the 0.3 projections and continuing its decline from the previous 0.6 figure.

On the flip side, positive data for Aussie-Dollar released earlier when following a previous reading of 4.49 million, Crude Oil Inventories in United States released today at 14:30 UTC fell short of the 1 million figure expected by analysts with an actual reading of -451,000.

Amid the market gloom, Australia Interest Rate came out at 4.1, while a consensus of analysts was expecting 3.85.

Despite being in the red so far in the current trading session, AUD/USD peaked above its 200 day Simple Moving Average around 0.6703 — typically an early indicator of a new bullish trend beginning to emerge. Despite this, price action pushed below a known Fibonacci support level at 0.6654 by around 2 pips with prices hammering out a 0.6581 – 0.6718 range by session close. The Australian dollar pushed below the 0.6667 support level and extended 11 pips beyond it.

Despite suffering losses in today's session, technical analysis is indicating that the Australian dollar will undergo a significant bounce in the immediate term.

Though Aussie-Dollar has been dropping, other pairs have been performing better: GBP/NZD gained 0.84% and is now trading at 2.06. EUR/NZD gained 0.72% and is currently trading at 1.7719. GBP/JPY is up 0.51%.

In addition, tomorrow at 12:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 235,000 from the preceding figure of 232,000.

Furthermore, Australia Trade Balance (Apr) scheduled to come out tomorrow at 01:30 UTC.

Having set a peak of 0.7356 around 7 months ago, the Australian dollar is now trading 9.26% below this level.

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Week to date

After ending yesterday at 0.6656, Aussie-Dollar inches up to 0.6656 (down 6,656 pips) .

A good end to the trading week, AUD/USD is up to 0.6656, after closing yesterday at zero. Overall, a 0% move or 6,656 pips this week. (Trade the Australian dollar with FXTM now).

Nevertheless, highly important GDP data from Australia beat analyst expectations of 0.3 with a reading of 0.2. Fresh Retail Sales data released in Australia matched analyst forecasts with a reading of 0% -- a backwards step from its previous reading of 0.4%.

Meanwhile, Australia Interest Rate released yesterday at 04:30 UTC with a figure of 4.1, while the previous figure was 3.85. GDP in Australia fell short of market expectations (2.4%) with a reading of 2.3%, continuing the decline from the previous figure of 2.6%. Fresh AIG Manufacturing Index (May) data from Australia came out at -5.1.

Also worthy of note, Australia Trade Balance (Apr) is scheduled for tomorrow at 01:30 UTC. Australia Westpac Consumer Sentiment (Jun) scheduled to come out Tuesday. Australia NAB Business Confidence (May) is expected Tuesday.