Midweek technical look – AUD/USD, USD/CAD, Nvidia [Video]
AUD/USD Price Forecast: Eyes upside despite pullback from June high, around 0.7065
TL;DR: AUD/USD is rallying on improving risk sentiment and a softer Dollar, but the same falling oil prices driving that optimism are also weakening two of Australia's own fundamental supports — explaining why the pair has lagged the broader market risk momentum.
The Aussie and the Kiwi are telling two very different monetary policy stories right now, and the divergence is starting to show up clearly in the cross. The RBA held its cash rate at 4.35% in August, but the hawkish tone that once dominated has faded fast: Q2 inflation cooled to 3.9% from 4.1%, prompting Goldman Sachs to abandon its call for one final hike this year.
AUD/USD Price Forecast: Steadies around 0.7050 as bullish bias prevails
Australian Dollar Price Forecast: AUD/USD reaches a crossroads at 0.7000
AUD/USD Price Forecast: Faces rejection near 100-day SMA at 0.7050; bullish bias intact
The Australian dollar enters the week on a four-week winning streak after broad US dollar weakness following the FOMC meeting and coordinated yen intervention lifted AUD/USD. But with the US dollar index testing a major support zone and ISM and nonfarm payrolls due this week, the Aussie may need a fresh catalyst to extend its gains.
AUD/USD currency pair rose over 1% yesterday and has risen to monthly highs today, setting the stage for impact ahead of key rate decision
AUD/USD heads into the July close locked in a well-defined three-week range just beneath major resistance, leaving the pair at a pivotal technical inflection point. Buyers continue to pressure the upper boundary of the range while sellers have been unable to force a meaningful rejection, underscoring the constructive nature of the monthly recovery without yet confirming a breakout.
Pound-Australian Dollar could extend gains if the Bank of England keeps the door open to higher rates after Australia's softer inflation weakens the Aussie. The Pound to Australian Dollar (GBP/AUD) exchange rate surged on Wednesday after weaker-than-expected Australian inflation sharply reduced expectations for another Reserve Bank of.
AUD/USD Price Forecast: Struggles near 0.6950 as bears retain control below 100-EMA on H4