(MENAFN– Daily Forex) Market Analysis
Bearish View
- Sell AUD/USD, take-profit at 0.6585.
- Set stop-loss at 0.6755.
- Duration: 1-2 days.
Bullish View
- Buy AUD/USD, take-profit at 0.6750.
- Set stop-loss at 0.6585.
The AUD/USD pair is in a downward trend, hitting a low of 0.6665, down 4% from this year’s peak, following weak Australian employment data showing an unchanged unemployment rate of 4.2%.
Upcoming inflation data will guide the Reserve Bank of Australia’s (RBA) decision on interest rates in their November 5 meeting. Analysts predict the RBA will hold rates steady before cutting in December.
Australian bond yields have increased recently, with the ten-year yield rising from 3.76% to 4.32%.
Key U.S. economic data is expected soon, with core retail sales projected at 0.1% and the Philadelphia Fed manufacturing index rising from 1.7 to 4.2.
Technical analysis shows the AUD/USD below both the 50-day and 100-day Weighted Moving Averages, indicating further potential declines, likely towards the next support level at 0.6600.
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