Welcome to Extreme Investor Network, where we provide unique insights and analysis on the latest trends in the stock market, trading strategies, and Wall Street news. Today, we will be discussing the short-term forecast for the AUD/USD currency pair based on key economic data and technical analysis.
In the upcoming days, investors will be closely watching the private sector PMIs from China, Aussie GDP numbers, and the US economic calendar to determine the near-term trends for the AUD/USD. Stronger-than-expected data from the US could potentially impact investor expectations for a rate cut in September, leading to a shift in monetary divergence towards the US dollar.
On the technical front, the AUD/USD is currently trading above both the 50-day and 200-day Exponential Moving Averages (EMAs), signaling a bullish outlook. A breakout above the $0.66500 level could indicate a move towards the $0.67003 resistance level, with further upside potential towards the $0.67500 handle.
However, a drop below the $0.66 handle could attract selling pressure, potentially pushing the pair towards the 50-day and 200-day EMAs and the $0.65760 support level. Buyers may step in at the $0.65760 support level, which coincides with the 200-day EMA.
With the 14-period Daily Relative Strength Index (RSI) currently at 56.25, there is a possibility for the AUD/USD to test the $0.67500 level before entering overbought territory.
In conclusion, keep an eye on the manufacturing sector PMIs from Australia, China, and the US for potential market-moving events. Stay tuned to Extreme Investor Network for more updates and expert analysis on the latest developments in the stock market and trading world.