AUD/USD Forecast: Bulls in control despite tepid Australian data
Premium|Take advantage of 50% OFF on your first month.
Start your subscription and get access to all our original articles.
You have reached your limit of 5 free articles for this month.
Get Premium without limits for only $9.99 for the first month
Access all our articles, insights, and analysts.
UNLOCK OFFERAUD/USD Current Price: 0.7189
- Australian AIG Performance of Manufacturing Index contracted to 46.7 in September.
- August Retail sales in the country are foreseen at -4.2% as previously estimated.
- AUD/USD holds on to daily gains could extend its rally beyond 0.7210.
The AUD/USD pair reached a fresh weekly high of 0.7208, pulling back from the level during US trading hours to end the day with modest gains in the 0.7180 price zone. Australian data was pretty discouraging, as the AIG Performance of Manufacturing Index contracted to 46.7 in September from 49.3 in the previous month. The final version of the Commonwealth Bank Manufacturing PMI for the same month resulted in 55.4 from 55.5. The country will publish August Retail Sales foreseen at -4.2% as previously estimated.
AUD/USD short-term technical outlook
From a technical point of view, the AUD/USD pair retains its bullish bias despite easing from intraday highs. The 4-hour chart shows that it keeps developing above a bullish 20 SMA while selling interest rejected the advance around a flat 100 SMA. Technical indicators in the meantime, are retreating from overbought readings, but holding well above their midlines. The rally could extend on a break above 0.7210, now the immediate resistance level.
Support levels: 0.7140 0.7100 0.7060
Resistance levels: 0.7210 0.7250 0.7290
View Live Chart for the AUD/USD
AUD/USD Current Price: 0.7189
- Australian AIG Performance of Manufacturing Index contracted to 46.7 in September.
- August Retail sales in the country are foreseen at -4.2% as previously estimated.
- AUD/USD holds on to daily gains could extend its rally beyond 0.7210.
The AUD/USD pair reached a fresh weekly high of 0.7208, pulling back from the level during US trading hours to end the day with modest gains in the 0.7180 price zone. Australian data was pretty discouraging, as the AIG Performance of Manufacturing Index contracted to 46.7 in September from 49.3 in the previous month. The final version of the Commonwealth Bank Manufacturing PMI for the same month resulted in 55.4 from 55.5. The country will publish August Retail Sales foreseen at -4.2% as previously estimated.
AUD/USD short-term technical outlook
From a technical point of view, the AUD/USD pair retains its bullish bias despite easing from intraday highs. The 4-hour chart shows that it keeps developing above a bullish 20 SMA while selling interest rejected the advance around a flat 100 SMA. Technical indicators in the meantime, are retreating from overbought readings, but holding well above their midlines. The rally could extend on a break above 0.7210, now the immediate resistance level.
Support levels: 0.7140 0.7100 0.7060
Resistance levels: 0.7210 0.7250 0.7290
View Live Chart for the AUD/USD
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.