AUD/USD had another dismal week, losing over 230 points, and closed the week below the symbolic 0.70 line for the first time since March 2009. The pair closed the week just above the 0.69 level. This week;s key events are NAB Business Confidence and Employment Change. Here is an outlook on the major market-movers and an updated technical analysis for AUD/USD.
US employment numbers were mixed, last week, which only complicates things for the Fed, as it mulls over a rate hike. Manufacturing PMI was a disappointment, slipping to its lowest level since June 2013. A disappointing Australian GDP report hurt the shaky Aussie. GDP gained just 0.2% in Q2, its weakest showing since Q2 of 2013.