AUD/USD: Weekly Technical Analysis For July 14-18, 2014

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The AUD/USD traded in a range bound market during last weeks trading session with mixed reports from both economies making the pair to be indecisive. The U.S. dollar came under pressure earlier in the week, after Wednesday’s minutes of the Federal Reserve’s June meeting indicated that interest rates are unlikely to rise soon. The minutes showed that officials agreed to end the central bank’s asset purchase program in October, but revealed little new information on when rates could start to increase.

 

Meanwhile, in Australia, official data released Thursday showed that the number of employed people rose by 15,900 in June, above expectations for an increase of 12,000. The report also showed that Australia’s unemployment rate rose to 6.0% last month from 5.9% in May. Analysts had expected the rate to remain unchanged at 5.9% in June. This made the Australian dollar weak against all its rivals.

 

Technically weekly bias in the pair remains neutral and i will suggest a break out of this range before picking a direction. A break out of 0.94553 resistance and 0.93404 supports respectively will resume give way to a clear direction in the pair. A fundamental report that will fuel this in the coming week is the AUD Monetary Policy Meeting Minutes scheduled to be released early this week on Tuesday.

 

Other key economic indicators to watch out for is the U.S Retail Sales.

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