Forex Market: AUD/USD trading outlook for June 20th

Friday’s trade saw AUD/USD within the range of 0.7371-0.7411. The pair closed at 0.7395, inching up 0.04% on a daily basis. It has been the 12th gain in the past 23 trading days and also the smallest one since June 6th. In weekly terms, AUD/USD added 0.31% to its value during the current week. It has been the 12th gain in the past 24 weeks and also a third consecutive one. AUD/USD has gone up 2.24% 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 20th).

Correlation with other Majors

Taking into account the business week ended on June 17th 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 EUR/USD (0.7099, or strong)
AUD/USD to NZD/USD (0.6502, or strong)
AUD/USD to GBP/USD (0.5851, or strong)
AUD/USD to USD/CAD (0.4713, or moderate)
AUD/USD to USD/JPY (-0.2878, or weak)
AUD/USD to USD/CHF (-0.3620, or moderate)

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

2. AUD/USD moved to a moderate extent in one and the same direction with USD/CAD during the week, while moving to a moderate extent in the opposite direction compared to USD/CHF.

3. The correlation between AUD/USD and USD/JPY was insignificant.

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 – 0.7392
R1 – 0.7414
R2 – 0.7432
R3 – 0.7454

S1 – 0.7374
S2 – 0.7352
S3 – 0.7334

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

Central Pivot Point – 0.7376
R1 – 0.7465
R2 – 0.7536
R3 – 0.7625

S1 – 0.7305
S2 – 0.7216
S3 – 0.7145

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