AUD/USD drops below 0.7700, looks to post small losses for the week

The only data from the US showed on Friday that the University of Michigan’s Consumer Sentiment Index improved modestly to 86.4 in June’s preliminary reading from 82.9 in May. This print came in slightly better than the market expectation of 84.

AUD/USD outlook
“The AUD/USD pair remains neutral in its weekly chart, seesawing around a directionless 20 SMA while above the longer ones, which also stand aimless,” noted FXStreet Chief Analyst Valeria Bednarik. “The Momentum indicator heads nowhere around its midline, while the RSI grinds lower, currently at 54.”

“The immediate price is 0.7645, followed by 0.7600 and 0.7531, the latter being the yearly low,” Bednarik adds. “Relevant resistances come at 0.7770 and 0.7820, with an opportunity above the latter favoring a bullish extension toward 0.7900.”

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