Fundamental view:

RBA Deputy Gov Debelle Speaks of the last week at 30th June 2020 created a bullish move for the pair whereas Non-Farm Employment Change at 1st  July as a catalyst for the downtrend move for dollar and boosted bullish move for the pair. Improvement in the cases of corona virus and steps taken by the country for economic recovery creates optimism for Aussie among investors.

Retail sales positive report and optimistic speech of RBA Deputy Gov Debelle last week created a favorable atmosphere for AUD hence AUD/USD showed a bullish trend last week.

The major economic events deciding the movement of the pair in the next week are AUD MI Inflation Gauge monthly report, USD ISM Non-Manufacturing PMI at Jul 06, AUD RBA Rate Statement at Jul 07, AUD Home Loans report, USD Unemployment Claims at Jul 09, and USD Core Producer Price Index (PPI) monthly report at Jul 10.

AUD/USD Weekly outlook:

Technical View:

Last week’s high was 0.32 % lower than the previous week. Maintaining high at 0.6951 and low at 0.6832 showed a movement of 119 pips.

In the upcoming week we expect AUD/USD to show a bullish trend.  The currency pair is trading above the 100 Simple Moving Average and the MACD trades to the upside. A solid breakout above 0.6982 may open a clean path towards 0.7026 and may take a way up to 0.7101. Should 0.6863 prove to be unreliable support, the AUDUSD may sink downwards 0.6788 and 0.6744 respectively. In H4 chart, formation of an Ascending triangle chart favors prospects of a bullish trend. Also to be noted Bullish Hammer formation exerts the expectation of uptrend for the pair.