AUD – The Australian dollar is back in consolidation

The AUD/USD exchange rate has previously been capped at 0.6550 several times in June. Therefore, if the AUD can stabilize further above this level, it will break out of the sideways trading range. Based on a range of approximately 200 pips, the extended indicator target is 0.6750, which also represents the 50-month moving average. Other resistance is expected to be 0.6687 and last September's high of 0.6942, further pointing towards the 0.70. The support is expected to return to the 250-day moving average at 0.6460, followed by the 100-day moving average at 0.6410, and then to 0.6270.

Forecast range:
Resistance: 0.6687 - 0.6750 - 0.6942 - 0.7000
Support: 0.6550 - 0.6460 - 0.6410 - 0.6270

Focus:
Thursday
Australia's June Retail Sales, Q2 Import and Export Prices, and Retail Trade (09:30)

Friday
Australia's Q2 PPI (09:30)

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