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Currency Analyst since 2010

AUD/USD: outlook for Aug. 29 - Sep. 4

AUD/USD formed a very bearish candle on Friday and fell below May-July support line. The decline of Australian dollar was caused by the general strength of the US dollar and a pause in advance of commodity prices.

This week Australia will release building approvals on Tuesday and private capital expenditure and retail sales on Thursday. The Reserve Bank of Australia’s Assistant Governor Debelle will speak on Wednesday. The market’s risk sentiment and, consequently, the dynamics of Australian dollar will be also affected by China’s manufacturing and non0manufacturing indexes due on Thursday.

Support is at 0.7530, 0.7500 and 0.7455. Resistance is at 0.7600, 0.7650 and 0.7700. Selling Aussie on the pair’s attempts to recover seems like the best strategy. 

AUD
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