Forex Market: AUD/USD trading outlook for June 13th

Friday’s trade saw AUD/USD within the range of 0.7371-0.7425. The pair closed at 0.7375, losing 0.51% on a daily basis. It has been the 11th drop in the past 24 trading days and also a second consecutive one. The daily low has been the lowest level since June 7th, when a low of 0.7356 was registered. In weekly terms, AUD/USD added a mere 0.10% to its value during the current week. It has been the 11th gain in the past 23 weeks and also a second consecutive one. AUD/USD has gone up 1.96% so far during the current month, following a 4.87% slump in May. The latter has been the worst monthly performance since July 2015, when the major pair plunged 5.24%.

No relevant macroeconomic reports and other events, which may influence AUD/USD trading, are scheduled on Monday (June 13th).

Correlation with other Majors

Taking into account the business week ended on June 10th and the daily closing levels of the currency pairs involved, we come to the following conclusions in regard to the strength of relationship:

AUD/USD to GBP/USD (0.7380, or strong)
AUD/USD to EUR/USD (0.6608, or strong)
AUD/USD to NZD/USD (0.0184, or very weak)
AUD/USD to USD/JPY (-0.2856, or moderate)
AUD/USD to USD/CHF (-0.8145, or very strong)
AUD/USD to USD/CAD (-0.9081, or very strong)

1. During the examined period AUD/USD moved strongly in one and the same direction with EUR/USD and GBP/USD.

2. AUD/USD moved almost independently compared to NZD/USD during the week.

3. AUD/USD moved almost equally in the opposite direction compared to USD/CHF and USD/CAD during the period in question. This relationship has been the most pronounced between AUD/USD and USD/CAD.

Daily, Weekly and Monthly Pivot Levels

By employing the traditional calculation method, the Monday pivot levels for AUD/USD are presented as follows:

Central Pivot Point – 0.7390
R1 – 0.7410
R2 – 0.7444
R3 – 0.7464

S1 – 0.7356
S2 – 0.7336
S3 – 0.7302

By using the traditional method of calculation again, the weekly pivot levels for AUD/USD are presented as follows:

Central Pivot Point – 0.7398
R1 – 0.7481
R2 – 0.7586
R3 – 0.7669

S1 – 0.7293
S2 – 0.7210
S3 – 0.7105

In monthly terms, for AUD/USD we have the following pivots:

Central Pivot Point – 0.7366
R1 – 0.7590
R2 – 0.7947
R3 – 0.8171

S1 – 0.7009
S2 – 0.6785
S3 – 0.6428