Forex Market: AUD/USD daily forecast

During yesterday’s trading session AUD/USD traded within the range of 0.9309-0.9338 and closed at 0.9331.

At 11:17 GMT AUD/USD traded at 0.9318, losing 0.17% for the day. The pair touched a daily low at 0.9316 at 11:14 GMT.

Fundamental view

Activity in United States’ sector of services probably continued to expand during July, with the corresponding non-manufacturing PMI coming in at a reading of 56.5, according to expectations, from 56.0 in June. This is a compound index, based on the values of four equally-weighted components, that comprise it. These sub-indexes reflect seasonally adjusted new orders, seasonally adjusted employment, seasonally adjusted business activity and supplier deliveries.

The business report is based on data compiled from monthly replies to questions asked of over 370 purchasing and supply executives operating in over 62 different industries, which represent nine divisions from the Standard Industrial Classification (SIC) categories. Readings above the key level of 50.0 are indicative of expanding activity. In case market expectations are exceeded, US dollar will receive a boost. The Institute for Supply Management (ISM) is to release the official reading at 14:00 GMT.

Technical view

According to Binary Tribune’s daily analysis, the central pivot point for the pair is at 0.9326. In case AUD/USD manages to breach the first resistance level at 0.9343, it will probably continue up to test 0.9355. In case the second key resistance is broken, the pair will probably attempt to advance to 0.9372.

If AUD/USD manages to breach the first key support at 0.9314, it will probably continue to slide and test 0.9297. With this second key support broken, the movement to the downside will probably continue to 0.9285.

In weekly terms, the central pivot point is at 0.9335. The three key resistance levels are as follows: R1 – 0.9395, R2 – 0.9475, R3 – 0.9535. The three key support levels are: S1 – 0.9255, S2 – 0.9195, S3 – 0.9115.