AUD/USD Analysis: Australian inflation expectations up next
|AUD/USD Current Price: 0.6861
- Australia’s Westpac Consumer Confidence Index fell by 1.7% in September.
- Rallying equities kept the Aussie afloat, bulls cautious.
- AUD/USD could lose its bullish bias on a break below 0.6830.
The AUD/USD pair is ending the American session unchanged at around 0.6860, after reaching a high of 0.6884, a level last seen in by the ends of July. The Aussie was unable to extend gains despite the positive hints coming from rising equities, as the Australian Westpac consumer confidence index fell 1.7% on a monthly basis in September, after gaining 3.6% in the previous month. The country will release September Consumer Expectations this Thursday, previously at 3.5%, and Investment Lending for Homes for July.
AUD/USD short-term technical outlook
The AUD/USD pair keeps trading near the 50% retracement of its July/August decline at 0.6880. The 4 hours chart shows that the pair is struggling around a mild-bullish 20 SMA, which remains far above the larger moving averages. Technical indicators in the mentioned chart are flat, the Momentum around its 100 level and the RSI at 60, indicating limited selling interest at the time being. Renewed demand sending the pair above the mentioned daily high should favor a continued advance during the upcoming hours, while the risk will turn south on a break below 0.6830, a Fibonacci support.
Support levels: 0.6830 0.6800 0.6770
Resistance levels: 0.6885 0.6920 0.6950
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