Expert Views on the US Labor and the Fed Rate Path
Shane Oliver also commented on the US Jobs Report, stating,
“US Aug payrolls +142k,
Short-Term Forecast: Bullish
Near-term AUD/USD trends will likely depend on the US CPI Report. Weaker-than-expected figures could overshadow softer Australian consumer inflation expectations, supporting an AUD/USD move toward $0.67. However, investors should consider monetary policy-related comments from the RBA and the Fed to gauge further moves.
Investors should monitor key economic data and central bank communications closely, as these factors may impact AUD/USD price movements. Monitor the real-time data, news updates, and expert commentary to adjust your trading strategies.
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AUD/USD Price Action
Daily Chart
The AUD/USD remained below the 50-day EMA while holding above the 200-day EMA, affirming bearish near-term but bullish longer-term price signals.
A breakout from the 50-day EMA could indicate a move toward the $0.67003 resistance level. Furthermore, a break above the $0.67003 resistance level may bring the $0.67500 level into play.
Investors should consider the inflation numbers from Australia, the US CPI Report, and central bank commentary.
Conversely, a drop below the top trend line and 200-day EMA could signal a fall toward $0.66. Buying pressure could intensify at the top trend line. The 200-day EMA is confluent with the top trend line.
With a 14-period Daily RSI reading of 44.90, the Aussie dollar could drop below the 200-day EMA before entering oversold territory.
