AUD/USD heads toward 0.6500, which could clear the way for a breakout
The post AUD/USD heads toward 0.6500, which could clear the way for a breakout appeared on BitcoinEthereumNews.com.
AUD/USD recovers as bulls eagerly approach psychological resistance at 0.6500. US Jobless Claims on Thursday take the spotlight following Wednesday’s disappointing ADP report. Australia’s trade balance data could provide additional insight into the resilience of the export industry to tariffs. The Australian Dollar (AUD) is gaining confidence against the US Dollar (USD) on Wednesday, with bulls eagerly approaching a critical barrier of resistance. With AUD/USD trading above 0.6493 at the time of writing, the 0.6500 psychological level is on the horizon, which has proven to be a challenging level to clear over recent weeks. After falling to a low of 0.5914 in April, the Australian Dollar experienced a sharp rally, pushing prices above the 200-day Simple Moving Average (SMA). As the 200-day Simple Moving Average (SMA) continues to provide support for the short-term move at 0.6437, the 0.6500 zone came into focus in May, limiting the upside potential for AUD/USD on several occasions. To continue progressing along an upward trajectory over the upcoming months, a clear break above the 0.6500 level is required, which is often provided by a fundamental catalyst. AUD/USD daily chart Australia’s Trade Balance and US Jobless Claims will influence AUD/USD direction On Thursday, the economic calendar includes high-impact economic data releases scheduled for Australia and the United States, which could potentially push prices out of this range. At 01:30 GMT, the Australian Bureau of Statistics will release the Trade Balance data for April, with Australia expected to report a MoM surplus of A$6.1 million. A positive value would suggest that Australia’s export industry remained resilient despite the implementation of tariffs on imports to the US, which may support a positive outlook for the Australian economy and for the Australian Dollar. The opposite would apply if the April figures miss expectations by a large margin and data…
Filed under: News - @ June 4, 2025 11:21 pm