29.06.202012:21 Forex Analysis & Reviews: The Australian dollar will soon face difficulties in growing

Exchange Rates 29.06.2020 analysis

The week began with another challenge for the Australian dollar. According to analysts, the Aussie will have to make a lot of efforts to stay afloat in the near future.

Last week, the Australian dollar grew along with the New Zealand dollar. According to experts, it contributed to the decrease of unemployment in the country since earlier, Australian authorities announced a significant reduction in the number of unemployed over the past three months. In addition, the situation with the coronavirus pandemic has been controlled, which earlier have caused destructive consequences to the Australian economy.

However, fortune may turn its back on the aussie at any moment. According to analysts at the Commonwealth Bank of Australia (CBA), to date, the Australian dollar has "kept its face" and tried to grow, but the upward trend of the AUD / USD pair has stalled in the last few weeks. CBA experts said that there is a high risk that the aussie will move into a correction, as the growth of the Australian dollar is hindered by an extremely nervous external background.

Exchange Rates 29.06.2020 analysis

The current deterioration in the global financial markets may lead to the consolidation of the AUD / USD pair and the subsidence of the aussie. It will be facilitated by the fall of the US dollar, which is due to the escalating epidemiological situation in the United States. The current negative situation in the US prevents the early recovery of its economy, which accordingly slows the growth of the AUD / USD pair. This Monday, June 29, the pair is trading near 0.6886-0.6887, balancing on the verge of a decline. Market concerns turned out to be well-founded so later, the AUD / USD pair slipped to 0.6870–0.6871.

According to experts, the aussie will find a relative balance in the AUD / USD pair in the near future, but sharp changes in the dynamics of the currency are not expected. Nevertheless, a gradual, albeit slow recovery will occur, following the restoration of the Australian economy.

Larisa Kolesnikova,
Esperto analitico di InstaForex
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