Other US stats include GDP data and Durable Goods Orders. However, barring dire numbers, these will likely play second fiddle to the labor market numbers. Beyond the numbers, Fed Chair Powell is on the calendar to speak.
Short-Term Forecast for AUD/USD
Near-term AUD/USD trends could depend on the RBA Financial Stability Review and US initial jobless claims. Central bank commentary will also influence the AUD/USD pair.
However, barring RBA concerns about Aussie household debt repayments and the labor market, US jobless claims could signal multiple Fed rate cuts. A further narrowing in the interest rate differential between Australia and the US 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. Monitor the real-time data, news updates, and expert commentary to adjust your trading strategies.
AUD/USD Technical Analysis
Daily Chart and the AUD/USD Breakout
The AUD/USD remains well above the 50-day and 200-day EMAs, confirming bullish price trends.
A return to the September 25 high of $0.69081 could signal a move toward the $0.69500 level. Furthermore, a breakout from $0.69500 could give the bulls a run at $0.70.
Traders should consider central bank commentary, the RBA Financial Stability Review, and US economic indicators, which may influence AUD/USD price movements.
Conversely, a fall through the $0.68006 support level may give the bears a run at $0.67500.
With a 14-period Daily RSI reading of 58.79, the Aussie dollar could return to $0.69081 before entering overbought territory.
