The recent US Jobs Report has had significant implications on the AUD/USD trends, with experts like Shane Oliver noting the importance of the US CPI Report as a determining factor. The US Aug payrolls data, showing a growth of 142k, has raised concerns about the near-term outlook for the AUD/USD pair. We can expect currency movements to be influenced by the US CPI Report, especially if the figures fall below expectations, potentially pushing the AUD/USD towards the $0.67 mark.
It is essential for investors to closely monitor monetary policy announcements from both the Reserve Bank of Australia (RBA) and the Federal Reserve (Fed) to gauge the trajectory of the AUD/USD pair. Additionally, keeping an eye on key economic indicators and central bank communications is crucial, as these factors can sway market sentiment and impact price movements. It is advisable to stay informed with real-time data, news updates, and expert analysis to make informed trading decisions and manage exposure to forex markets effectively.
From a technical standpoint, the AUD/USD appears to be exhibiting bearish signals in the near term, as the currency pair remains below the 50-day Exponential Moving Average (EMA). However, the fact that it is holding above the 200-day EMA suggests a bullish sentiment in the longer term. A potential breakout above the 50-day EMA could signal a move towards the $0.67003 resistance level, with further upside potential towards the $0.67500 mark. On the other hand, a downside break below the top trend line and the 200-day EMA could lead to a retracement towards $0.66, with potential buying pressure at the trend line support.
Investors looking to trade the AUD/USD pair should pay close attention to inflation data releases from Australia, the US CPI Report, and central bank statements for cues on future price movements. With the 14-period Daily Relative Strength Index (RSI) currently at 44.90, there is a possibility of the Aussie dollar dipping below the 200-day EMA before reaching oversold conditions. It is imperative to have a well-defined trading strategy in place, considering both technical and fundamental factors, to navigate the volatility in the forex markets successfully.