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

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 0.7371-0.7411. 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.