The Australian dollar shows mixed trading dynamics in a pair with the US currency in the morning session, consolidating near the 0.7400 mark.
On the eve of the AUD/USD pair showed moderate growth, having received support from weak macroeconomic statistics from the United States on the dynamics of GDP and the number of applications for unemployment benefits. However, the growth of consumer activity was limited, and by the time of the closing of the trading session on Thursday, the US currency managed to regain some of the lost positions.
The instrument is moderately supported today by macroeconomic statistics from Australia. Thus, the volume of lending to the private sector in June increased by 0.9% m/m after an increase of 0.4% m/m in May. Analysts had expected a slowdown to +0.1% m/m. In annual terms, the indicator accelerated from +1.9% y/y to +3.1% y/y. The producer price index in the 2nd quarter of 2021 sharply accelerated from +0.4% q/q to +0.7% q/q, while market forecasts suggested its slowdown to +0.2% q/q.
Support and resistance levels
The Bollinger bands on the daily chart show an attempt to turn into a horizontal plane within the framework of the forex forecast. The price range is narrowing, reflecting the appearance of mixed trading dynamics in the short term. The MACD indicator is growing, maintaining a relatively strong buy signal (the histogram is located above the signal line). Stochastic, having approached its maximum levels, is also trying to turn into a horizontal plane, indicating the risks of overbought Australian dollar in the ultra-short term.
Resistance levels: 0.7400, 0.7443, 0.7475, 0.7500.
Support levels: 0.7338, 0.7300, 0.7265, 0.7200.
Trading Scenarios
Thus, AUD/USD forex forecast for August 2-3, 2021 to open long positions, you can rely on the breakdown of the 0.7400 mark up. Take profit — 0.7500. The stop loss is 0.7350. Implementation period: 2-3 days.
The return of the "bearish" dynamics to the market with a breakdown of the 0.7338 level down may be a signal for new sales with a target of 0.7265. The stop loss is 0.7375.