AUD/USD retreats after being unable to hold above 0.7300, Aussie among top weekly performers

1 month ago 18
43 CBD Solutions
AUD/USD holds onto gains on Friday, off highs. Australian dollar outperforms across the G10 space during the week.

The AUD/USD is about to end the week near the level it had seven days ago after being unable to hold above 0.7300. On Friday it climbed to 0.7305 and quickly pulled back. As of wiring it trades at 0.7285, up 30 pips of the day.

Price action has been limited don Friday across main FX pairs. AUD/USD held within Thursday’s price range. If it breaks below 0.7280 over the next hours it could extend the side toward 0.7260 but not much is expected.

Week ahead

The doji weekly candle in AUD/USD shows no clear bias on whether to continue with the rally or if it corrects further to the downside. Next week, in Australia economic data to be released, includes the Reserve Bank of Australia minutes on Tuesday and the jobs report on Thursday.

Regarding the US dollar, the DXY is about to end the week far from the lows, but at the same time, showing difficulties extending the upside. The key event next week will be the FOMC meeting. On the data front, reports to be released include retail sales on Wednesday, jobless claims on Thursday and consumer confidence on Friday.

Technical level

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