Key Highlights
- AUD/USD managed to stay above the 0.6360 support.
- It is facing many hurdles near 0.6440 and 0.6480 on the 4-hour chart.
- EUR/USD is still at risk of more downsides below 1.0700.
- GBP/USD could resume its downtrend below the 1.2440 level.
AUD/USD Technical Analysis
The Aussie Dollar found support near the key 0.6360 zone against the US Dollar. AUD/USD traded as low as 0.6357 and recently started an upside correction.
Looking at the 4-hour chart, the pair was able to clear the 0.6400 resistance. There was a move above the 23.6% Fib retracement level of the downward move from the 0.6521 swing high to the 0.6357 low.
However, the bears were active near the 0.6440 resistance and the 100 simple moving average (red, 4 hours). The next major resistance is near the 0.6480 level and the 200 simple moving average (green, 4 hours).
A close above 0.6480 could start another decent increase. In the stated case, the pair could rise toward the 0.6520 level. Any more gains might send AUD/USD toward 0.6580.
On the downside, immediate support is near 0.6395. The next key support is seen near the 0.6360 level. If there is a move below 0.6360, the pair could dive toward 0.6320. Any more losses might send the pair toward the 0.6250 level.
Looking at EUR/USD, the pair is still in a bearish zone and the bears could aim more downsides toward the 1.0620 level.
Economic Releases
- US Consumer Price Index for August 2023 (MoM) – Forecast +0.6%, versus +0.2% previous.
- US Consumer Price Index for August 2023 (YoY) – Forecast +3.6%, versus +3.2% previous.
- US Consumer Price Index Ex Food & Energy for August 2023 (YoY) – Forecast +4.3%, versus +4.7% previous.
