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

Written by Miroslav Marinov

Miroslav Marinov, a financial news editor at TradingPedia, is engaged with observing and reporting on the tendencies in the Foreign Exchange Market, as currently his focus is set on the major currencies of eight developed nations worldwide.

, | Updated: October 30, 2024

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.