The Australian Dollar weakened at the start of the week, with the AUD/USD exchange rate drifting back towards the 0.7150 level after failing to sustain recent gains. Crédit Agricole notes that softer Chinese economic data and rising global bond yields are creating a more difficult backdrop for the Australian currency.
After a quiet start to the day, market volatility has picked up in the afternoon, driven by (you guessed it) hopes of potential peace deal in Iran and the minutes from the most recent FOMC meeting.
On the hourly chart of AUD/USD at FXOpen, the pair struggled to clear 0.7220. The Aussie Dollar started a fresh decline below 0.7150 against the US Dollar.
AUD/USD Price Forecast: Struggles near 0.7100, lowest since April 14 amid bullish USD
Australian Dollar weakens despite hawkish RBA; AUD/USD slips below 0.7150 on firmer USD
The US Dollar has rallied again on Friday, as traders are watching interest rates very closely.
AUD/USD Price Forecast: Near-term bias turns bearish as correction extends below 20-day EMA
The US dollar strengthened for a fourth consecutive day as hotter inflation data and fading Fed cut expectations fuelled demand for the greenback. With DXY approaching the key 99 level and traders increasingly pricing the risk of future Fed hikes, the broader bias remains supportive for the US dollar.
AUD/USD Price Forecast: Holds steady below mid-0.7200s as bulls await Trump-Xi summit
AUD/USD is on the defensive after stalling just ahead of major resistance, with price now testing a key uptrend support zone. This level represents a critical inflection point within the broader bullish structure, where the next move could prove decisive.
Despite the short-term bearish trend, the pair remains near a 3-year high, but has traded without much direction for several days, making prediction challenging.
AUD/USD Price Forecast: Languishes near 0.7200 as USD sticks to gains ahead of US CPI