AUD/USD Price Forecast: Looks to build on upbeat Aussie jobs data-led gains above 0.7000
Commodity-linked currencies remain under pressure as geopolitical tensions in the Middle East continue to escalate. The United States has maintained strikes on targets in Iran, while the Tehran-backed Houthis have intensified threats to shipping in the Red Sea and near key oil transit routes.
AUD/USD Price Forecast: Consolidates near 0.7000 as bulls await 38.2% Fibo. breakout
AUD/USD is attempting to register a fourth consecutive weekly advance after rebounding more than 2% from the June lows, bringing the pair back into a major technical inflection zone. The recovery is now testing the upper bounds of a multi-month downtrend, where multiple resistance levels converge.
AUD/USD has broken to its highest level in four weeks, but the rally still lacks a convincing domestic foundation. The Australian Dollar has benefited from a favorable global backdrop as risk appetite improved across Asia, the Dollar weakened broadly, and copper prices surged on worsening supply disruptions in Chile.
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The Aussie Dollar started a fresh increase from 0.6865 against the US Dollar. AUD/USD climbed above 0.6900 and 0.6950 to enter a positive zone.
AUD/USD Price Forecast: Recovers to near 0.7000 amid US Dollar's weakness
AUD/USD enters the week with bulls retaining a slight edge, despite mixed signals across the charts and increasingly bearish futures positioning. Australia's employment report is the standout event on an otherwise quiet calendar, with traders watching to see whether it can provide the catalyst for the pair's next move.
The Australian dollar has clawed back most of its end-of-June losses, when it touched three-month lows against the greenback amid escalating Middle East tensions. Since then, sentiment has improved: the RBA's Assistant Governor Sarah Hunter signalled the board stands ready to tighten further if the recent oil shock feeds into inflation expectations.
AUD/USD Price Forecast: More upside likely amid stabilization above 20-day EMA
Australian dollar rallies toward major resistance as RBA rate hike odds swing sharply and the US Dollar Index continues to weaken. Michael Boutros, Senior Market Analyst at FOREX.com, breaks down the key levels driving the move and what traders are watching next.