Other stats include the ISM Manufacturing PMI. A marked decline in the headline PMI may also raise concerns about the US economy. Weaker-than-expected labor market data could support the AUD/USD move toward $0.70.
Short-Term Forecast for AUD/USD
Near-term AUD/USD trends will likely hinge on Aussie retail sales, US labor market stats, and central bank commentary.
Upbeat Aussie retail sales could temper bets on a Q4 RBA rate hike. Weaker-than-expected US labor market data may raise expectations of a 50-basis point Fed rate cut. A narrower interest rate differential between the US and Australia would support an AUD/USD move toward $0.70.
Investors should closely monitor central bank signals and economic indicators, which could influence AUD/USD trends. Traders should monitor real-time data, news updates, and expert commentary to adjust their trading strategies accordingly.
AUD/USD Technical Analysis
Daily Chart: AUD/USD Breakout Intact
The AUD/USD sits well above the 50-day and 200-day EMAs, affirming bullish price signals.
A breakout from the September 30 high of $0.69420 could signal a move toward the $0.70 level. Furthermore, a return to $0.70 may bring the $0.70500 level into play.
Traders should consider Aussie retail sales, US labor market data, and central bank commentary, which may influence AUD/USD price movements.
Conversely, a break below $0.69 could signal a drop toward $0.68500. A fall through $0.68500 may bring the $0.68006 support level into play.
With a 14-period Daily RSI reading of 66.57, the Aussie dollar could return to $0.69500 before entering overbought territory.
