Short-term forecast: bullish
Short-term AUD/USD trends will depend on US housing market and consumer sentiment data. Weaker than expected numbers could favor multiple Fed rate cuts in 2024 and impact buyers’ demand for the US dollar.
Investors should remain alert as economic data and central bank comments influence AUD/USD price action. Monitor real-time data, news updates and expert commentary to adjust your trading strategies.
Stay up to date with our latest views and analysis to manage your exposure to the forex markets.
AUD/USD exchange rate development
Daily chart
AUD/USD hovered above the 200-day EMA and remained below the 50-day EMA, sending bearish short-term but bullish long-term price signals.
A breakout of the 50-day EMA could give the bulls a run towards the upper trend line. Moreover, a break above the upper trend line could signal a move towards the resistance level at $0.67003.
On Friday, US economic data and comments from central banks must be taken into account.
Conversely, a drop below the 200-day EMA would bring the $0.65760 support level into play. A break below the $0.65760 support level could see the bears onslaught towards the $0.65500 level.
With a daily RSI reading of 51.64 for the last 14 periods, the Australian dollar could rise to the resistance level of $0.67003 before entering the overbought zone.
