Market Overview

AUD/USD Forecast: Holding On To Its Neutral Stance

AUD/USD Forecast: Holding On To Its Neutral Stance

AUD/USD Current Price: 0.7259

  • Australian September Consumer Inflation Expectations came in at 3.1%, below the previous 3.3%.
  • The heavy tone of Wall Street discouraged Aussie bulls.
  • AUD/USD holding on to its neutral stance, bears could take over on a break below 0.7215.

The AUD/USD pair is ending the day as it started it, trading in the 0.7260 price zone. It earlier picked at 0.7324 on the post-ECB enthusiasm weighing on the American dollar but turned south in the last trading session of the day, weighed by the sour tone of Wall Street. Equities capitulated following news that the US Congress was once again unable to pass a coronavirus relief package.

In the data front, Australia published September Consumer Inflation Expectations, which came in at 3.1%, below the previous 3.3%. The country won’t release macroeconomic data this Friday.

AUD/USD Short-Term Technical Outlook

The  AUD/USD pair holds on to its short-term neutral stance. The 4-hour chart shows that it’s holding a few pips above its 20 and 100 SMA, both directionless and converging around 0.7260. The Momentum indicator advances above its midline, while the RSI already turned south and crossed into negative territory. Overall, the risk is skewed to the downside, although the pair would need to break below 0.7215 to confirm a steeper decline.

Support levels: 0.7215 0.7170  0.7130

Resistance levels: 0.7310 0.7350 0.7385

View Live Chart for the AUD/USD

Image sourced from Pixabay


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Posted-In: AUD/USD FXStreetNews Futures Global Markets General

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