The Australian dollar came under renewed pressure on Wednesday as softer Australian inflation data and a hawkish RBNZ decision combined to weigh heavily on AUD crosses. AUD/USD is showing signs of a deeper ABC-style correction below 71c, while AUD/NZD posted its most bearish session in nine years to strengthen the broader bearish case for the Aussie.
AUD/USD is attempting to stabilize after a sharp decline from the monthly highs, with price action holding just above a critical support zone near the lows of the recent range. While the failure to secure a breakdown below support has eased immediate downside pressure, the broader near-term outlook remains vulnerable while the pair trades below major resistance.
AUD/USD Price Forecast: Sellers eye 0.7100 support as momentum indicators weaken
Intraday analysis covering AUDUSD remains stable, NZDUSD, and UK 100, focusing on short-term price action, key support and resistance levels, and intraday market momentum across major instruments. AUDUSD remains stable The Australian dollar continues its choppy consolidation after bouncing at the 0.7100 area.
AUD/USD Price Forecast: Hovers around 0.7150 near nine-day EMA
AUD/USD Price Forecast: Australia CPI in focus as pair consolidates below 0.7200 resistance
AUD/USD Price Forecast: Stays above 0.7150, tests nine-day EMA barrier
Markets embraced a wave of optimism that the US and Iran may be inching closer towards a peace deal, helping send crude oil prices sharply lower and weighing on the US dollar. Yet with no official confirmation from Washington, Tehran or Israel, traders remain cautious of another false dawn.
AUD/USD Price Forecast: Remains above 0.7150 to test nine-day EMA barrier
AUD/USD enters the week under pressure after weak Australian employment data crushed RBA hike expectations and widened the focus on US inflation and Treasury yields. While the Aussie dollar continues to hold above 71c for now, fading bullish momentum, softer labour market conditions and widening yield spreads suggest risks remain tilted towards another leg lower.
AUD/USD fell to 0.7076 last week but quickly recovered after drawing support from 0.7101. Initial bias stays neutral this week first.
AUD/USD Price Forecast: Stuck between key SMAs, RSI turns bearish