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2025-07-29 19:09:31
AUD/USD: Gold, copper, and stocks rally, but losses are failing to reverse the decline, raising technical alarms! ⑴ On July 29th, AUD/USD traded in an overnight range of 0.6530 to 0.6500. It opened at 0.6510 in New York trading, down 0.14%. ⑵ Despite gains in gold, copper, and stock indices, lower US yields, and a decline in USD/CNH, factors typically bullish for the Australian dollar failed to boost AUD/USD. ⑶ US dollar buying during the European morning session was a key factor in AUD/USD's decline, pushing the pair below its 55-day moving average and setting a new six-session low. ⑷ Technical indicators are showing clear bearish signals, with the daily and monthly relative strength index (RSI) declining, and the pair failing to hold above its 10-day and 21-day moving averages. ⑸ Monthly RSI divergence and a monthly doji candlestick pattern further reinforce the bearish sentiment, suggesting continued downward pressure on AUD/USD in the near term. ⑹ The market will pay close attention to the upcoming US JOLTS job vacancies data for June and the July consumer confidence index. These data may further affect the direction of the US dollar and thus have an impact on the AUD/USD.
