Welcome to Extreme Investor Network, where we provide unique insights and analysis into the world of trading, the stock market, and Wall Street. Today, we have an exclusive short-term forecast for the AUD/USD currency pair that you won’t find anywhere else.
Calls for the Fed to delay further interest rate cuts could push the AUD/USD toward $0.67, while support for multiple Q4 2024 Fed rate cuts may drive the AUD/USD toward $0.68. This information is crucial for traders looking to capitalize on potential market movements.
In the near term, AUD/USD trends will likely be influenced by fiscal stimulus news from Beijing, Aussie labor market data, and US retail sales. Stimulus measures targeting consumers and a tighter Aussie labor market could impact bets on a Q4 RBA rate cut. On the other hand, a spike in US retail sales could shift focus away from Aussie data and stimulus news from China.
It’s essential for investors to stay updated on central bank signals, economic indicators, and geopolitical events like the Middle East conflict, which could affect risk aversion and US dollar demand.
Moving on to our technical analysis, the AUD/USD is currently below the 50-day EMA but above the 200-day EMA, indicating a bearish near-term but bullish longer-term outlook. Traders should watch for a potential breakout above the 50-day EMA, which could trigger a move towards the $0.68006 resistance level and potentially the $0.68500 level.
On the downside, a drop below the $0.67050 support level could signal a further decline towards the 200-day EMA. The Daily RSI reading of 43.74 suggests that the Aussie dollar may have room to drop before entering oversold territory.
Keep an eye on weekend economic indicators from China, central bank commentary, and market sentiment, as these factors could shape AUD/USD price movements in the coming days. Stay tuned to Extreme Investor Network for more exclusive insights and analysis to help you navigate the complex world of trading and investing.