FX strategists at Westpac still expect a November RBA hike, but Goldman Sachs and Rabobank favour patience, leaving AUD/USD sensitive to the next inflation report. Australia's softer-than-expected underlying inflation has weakened market bets on another November interest-rate rise without shifting Westpac's forecast, exposing a.
AUD/USD Price Forecast: Strengthen to near 0.6950, but keeping bearish bias amid oversold conditions
AUD/USD Price Forecast: On verge of 78.6% Fibo breakdown near 0.6950
AUDUSD looking for a bounce The Australian dollar (AUDUSD) continued to struggle as the greenback gained more momentum. Prices remain pressured after breaking below 0.7000.
Looking at the 4-hour chart, the pair remained well below 0.7000, the 100 simple moving average (red, 4-hour), and the 200 simple moving average (green, 4-hour). A low was formed near 0.6954, and the pair might start a consolidation phase.
AUD/USD has been hammered lower this week, undermined by an unwind in hawkish RBA pricing following Tuesday's interest rate decision and softer economic data either side of it, while the US dollar has continued to feed on higher Treasury yields, sending the pair to fresh multi-month lows.
The SPX500 takes a step back as the ongoing rally loses momentum, while AUDUSD and EURJPY continue to face key technical levels. AUDUSD tests support The Australian dollar remains pressured as the greenback continues to push.
Australian Dollar: RBA hike to support AUD/USD – BBH
AUD/USD Price Forecast: Breaks below 61.8% Fibo retracement at 0.7010
AUD/NZD: Underperformance bias with RBA on hold – TD Securities
AUD/USD: RBA hike fails to lift Aussie – MUFG
AUD/USD: RBA hike fails to lift Australian Dollar – ING