Welcome to Extreme Investor Network, where we provide you with unique insights and valuable information on the stock market, trading, and Wall Street. Today, we will be discussing the short-term forecast for AUD/USD and providing technical analysis to help you make informed trading decisions.
The near-term trends for AUD/USD are likely to be influenced by US labor market indicators and central bank commentary. Positive US employment numbers could lead to a drop in AUD/USD towards $0.68500, while weaker figures could push the pair towards $0.70. Monitoring central bank signals and economic indicators is crucial for determining AUD/USD movements, so stay updated on real-time data and expert commentary to adjust your trading strategies accordingly.
From a technical analysis perspective, the AUD/USD is comfortably above the 50-day and 200-day EMAs, confirming bullish price trends. A return to the September 30 high of $0.69411 could pave the way for a move towards $0.70, with a potential breakout signaling a push towards $0.70500. It’s important to consider Australian statistics, US labor market data, and central bank commentary when analyzing AUD/USD price movements.
On the flip side, a drop below $0.68500 could see the bears targeting the $0.68006 support level. With a 14-period Daily RSI reading of 61.58, the Aussie dollar may climb to $0.69500 before entering overbought territory.
Stay tuned to Extreme Investor Network for more exclusive insights and expert analysis to help you navigate the stock market with confidence. Happy trading!