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2025-07-31 19:16:17
AUD/USD Struggles Downward: The Dollar's Return, Bulls Face a Tough Challenge! ⑴ The Australian dollar rallied against the US dollar in overnight trading on optimistic risk sentiment, briefly reaching the 0.6434-0.6476 range. ⑵ However, as the US dollar rebounded, copper prices fell, and gold pared some of its gains, selling pressure resurfaced against the Australian dollar. ⑶ Following Trump's tariff comments and the announcement of the US-South Korea trade agreement, the US dollar sold off, stock indices rose, and the offshore RMB also declined against the US dollar. ⑷ In the morning trading of July 31st (Beijing time), the Australian dollar fell below 0.6439 against the US dollar and remained essentially flat during the session. ⑸ Technically, the Australian dollar is bearish against the US dollar. ⑹ The monthly Relative Strength Index (RSI) is declining, and the exchange rate has now fallen below the daily cloud, 10-day, 21-day, and 55-day moving averages. ⑺ However, the appearance of an inverted hammer candlestick pattern on the daily chart may indicate some risks for AUD/USD bears. ⑻ Investors need to pay close attention to the upcoming weekly initial and continuing unemployment benefit claims in the United States and the June personal consumption expenditure (PCE) data, which will be the immediate risk affecting the Australian dollar against the US dollar.
