AUD/USD Forecast: Busy Wednesday in the US could rock the FX board
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UNLOCK OFFERAUD/USD Current Price: 0.7219
- The aussie remains on the backfoot as equities can’t lift their heads.
- A packed US macroeconomic calendar could trigger some wild movements on Wednesday.
- AUD/USD keeps posting lower lows on a daily basis, break of 0.7200 on the table.
The AUD/USD pair fell to 0.7206, its lowest in almost two months, currently trading a handful of pips above the mentioned low. The aussie fell for a third consecutive day vs its American rival, although losses were modest, as demand for the greenback eased during US trading hours. As usual, the pair traded alongside equities. Asian and European stocks ended the day mixed, although with most major indexes closing in the red, dragging Wall Street lower.
Australian data released at the beginning of the day was mixed. The November preliminary Commonwealth Bank PMIs indicates that services activity expanded at a faster than anticipated pace, with the index printing at 55. However, manufacturing activity remained subdued, with the index stable at 58.2.
The focus will be on US data on Wednesday, as the country will release multiple relevant figures ahead of the Thanksgiving long weekend. Among other things, the calendar includes October Durable Goods Orders, the second estimate of the Q3 Gross Domestic Product, and October core PCE inflation, foreseen at 4.1% from 3.6% previously.
AUD/USD short-term technical outlook
The AUD/USD pair has posted a sixth consecutive lower low on a daily basis, with room to extend its slump. The daily chart shows that it keeps sliding below all of its moving averages, while the 20-SMA is about to cross below the-100 SMA, both above the 0.7300 threshold. Meanwhile, technical indicators maintain their bearish slopes, with the RSI currently at 32 and the Momentum resuming its slide within negative levels after correcting oversold readings.
The near-term picture reflects bears' dominance, as, in the 4-hour chart, the pair keeps developing below bearish moving averages as technical indicators consolidate within negative levels, hinting at absent buying interest. A steeper decline could be expected on a break below the 0.7200 threshold.
Support levels: 0.7195 0.7160 0.7130
Resistance levels: 0.7270 0.7310 0.7345
AUD/USD Current Price: 0.7219
- The aussie remains on the backfoot as equities can’t lift their heads.
- A packed US macroeconomic calendar could trigger some wild movements on Wednesday.
- AUD/USD keeps posting lower lows on a daily basis, break of 0.7200 on the table.
The AUD/USD pair fell to 0.7206, its lowest in almost two months, currently trading a handful of pips above the mentioned low. The aussie fell for a third consecutive day vs its American rival, although losses were modest, as demand for the greenback eased during US trading hours. As usual, the pair traded alongside equities. Asian and European stocks ended the day mixed, although with most major indexes closing in the red, dragging Wall Street lower.
Australian data released at the beginning of the day was mixed. The November preliminary Commonwealth Bank PMIs indicates that services activity expanded at a faster than anticipated pace, with the index printing at 55. However, manufacturing activity remained subdued, with the index stable at 58.2.
The focus will be on US data on Wednesday, as the country will release multiple relevant figures ahead of the Thanksgiving long weekend. Among other things, the calendar includes October Durable Goods Orders, the second estimate of the Q3 Gross Domestic Product, and October core PCE inflation, foreseen at 4.1% from 3.6% previously.
AUD/USD short-term technical outlook
The AUD/USD pair has posted a sixth consecutive lower low on a daily basis, with room to extend its slump. The daily chart shows that it keeps sliding below all of its moving averages, while the 20-SMA is about to cross below the-100 SMA, both above the 0.7300 threshold. Meanwhile, technical indicators maintain their bearish slopes, with the RSI currently at 32 and the Momentum resuming its slide within negative levels after correcting oversold readings.
The near-term picture reflects bears' dominance, as, in the 4-hour chart, the pair keeps developing below bearish moving averages as technical indicators consolidate within negative levels, hinting at absent buying interest. A steeper decline could be expected on a break below the 0.7200 threshold.
Support levels: 0.7195 0.7160 0.7130
Resistance levels: 0.7270 0.7310 0.7345
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