AUD/USD holds recovery gains above 0.6350
Despite Australian August Retail Sales data disappointing by 0.2%, the AUD/USD is managing to hold onto its recovery gains above 0.6350. The strength of the US dollar, fueled by upbeat US data and better-than-expected durable goods figures, is helping to support this stability. The focus now turns to US GDP adjustments and upcoming jobless claims.
The AUD/USD recently broke below the key level of 0.6350 and continued its decline towards the area around 0.6330, which has now become an important support level to monitor before potentially reaching 0.6300. Despite trading at multi-month lows and signaling oversold conditions, there appears to be a prevailing bearish sentiment in the market.
On the four-hour chart, there are signs that the Australian Dollar is attempting a recovery. If it manages to rise above 0.6365, it could alleviate some of the bearish pressure; however, as long as it remains below 0.6380, further losses are anticipated in this currency pair's value trajectory.
A break below support at 06330 will likely lead towards a target level of around .6305
Key levels for potential price movements can be seen as follows:
Support levels:
- First at .63300
- Second at .63050
- Third at .62800
Resistance levels:
- First at .6365
- Second at .64000
- Third which would be highest point marked on graph showing resistance would stand around $64200
The AUD/USD recently broke below the key level of 0.6350 and continued its decline towards the area around 0.6330, which has now become an important support level to monitor before potentially reaching 0.6300. Despite trading at multi-month lows and signaling oversold conditions, there appears to be a prevailing bearish sentiment in the market.
On the four-hour chart, there are signs that the Australian Dollar is attempting a recovery. If it manages to rise above 0.6365, it could alleviate some of the bearish pressure; however, as long as it remains below 0.6380, further losses are anticipated in this currency pair's value trajectory.
A break below support at 06330 will likely lead towards a target level of around .6305
Key levels for potential price movements can be seen as follows:
Support levels:
- First at .63300
- Second at .63050
- Third at .62800
Resistance levels:
- First at .6365
- Second at .64000
- Third which would be highest point marked on graph showing resistance would stand around $64200
Trade active
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Comment:
Looking ahead, the Australian Private Sector Credit will mature later on Friday. However, market participants will be closely watching the core US Personal Consumption Expenditures Price Index, the Federal Reserve's preferred measure of inflation. The annual figure is expected to decrease from 4.25% to 3.9%. Stronger data is likely to lift the US Dollar.
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