AUDUSD Daily Outlook – On Monday we found out that the U.S. Existing home sales plunge in May, but Realtors think that was the bottom, the Australian economy is outperforming, but RBA’s Lowe warned that the coronavirus ‘shadow’ could last for years, and New Zealand Credit Card spending jumped 52.8% in May.
Welcome to the Tickmill update, I’m Kiana Danial the founder of the Invest Diva movement. Make sure to subscribe to the Tickmill YouTube channel and support us by liking and sharing this video with your forex trading friends.
On Tuesday we’ll be eying the US Markit Manufacturing PMI Flash (JUN) and New Zealand’s interest rate decision.
Today I’m looking at the AUD/USD pair on the weekly chart for a long-term outlook. The pair tried testing above the weekly Ichimoku cloud beginning of June but failed. We can now see a formation of a bullish engulfing candlestick chart pattern while the future Ichimoku cloud turning bullish.
Since the pair has recently bottomed out from a 17-year low of 0.54, we could expect a bit of consolidation here before further gains. The key medium-term support is at 0.67 which is the 50% Fibonacci retracement level. Meanwhile, if the pair is able to break above the Ichimoku cloud, the door will open up for further gains towards 0.74.
Do you think the AUD/USD pair will see yet another bearish momentum? Head over to the comments section and let me know.
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