The US Jobs Report for August revealed a gain of 142k payrolls, prompting speculation on the near-term trends of AUD/USD. Shane Oliver highlighted the dependence of these trends on the upcoming US CPI Report. Weaker-than-expected figures could potentially overshadow softer Australian consumer inflation expectations, leading to a possible AUD/USD move towards $0.67. It is crucial for investors to carefully consider monetary policy-related comments from both the Reserve Bank of Australia (RBA) and the Federal Reserve to anticipate further movements.
Investors are advised to stay vigilant by closely monitoring key economic data and central bank communications, as these factors play a significant role in influencing AUD/USD price movements. Real-time data, news updates, and expert commentary serve as essential tools for adjusting trading strategies in response to market fluctuations. It is essential to remain updated on the latest views and analysis to effectively manage exposures in the forex markets.
The AUD/USD currency pair is currently positioned below the 50-day Exponential Moving Average (EMA) while holding above the 200-day EMA. This configuration affirms a bearish near-term outlook but signals a bullish longer-term trend. A potential breakout above the 50-day EMA could indicate a move towards the $0.67003 resistance level, with further upside potential towards $0.67500. Investors should pay close attention to inflation data from Australia, the US CPI Report, and central bank commentary for potential market impacts.
On the downside, a breach below the top trend line and the 200-day EMA could signal a decline towards $0.66. Buying pressure is expected to intensify at the top trend line, which converges with the 200-day EMA. The current 14-period Daily Relative Strength Index (RSI) reading of 44.90 suggests a possibility of the Aussie dollar dropping below the 200-day EMA before entering oversold territory.
Overall, the interplay between US inflation data, jobs reports, and central bank policies is crucial in shaping AUD/USD trends. Market participants should remain vigilant and adapt their trading strategies accordingly to navigate the dynamic foreign exchange landscape effectively.
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