Short-Term Forecast for AUD/USD

Near-term AUD/USD trends will likely hinge on labor market data from both Australia and the US. A robust Australian labor market could temper bets on a Q4 RBA rate cut, driving Aussie dollar demand. An unexpected spike in US jobless claims could raise expectations of a November Fed rate cut, tilting monetary policy divergence further toward the Aussie dollar.

Investors should monitor the labor market data and central bank communications closely, which will influence AUD/USD trends. Monitor the real-time data, news updates, and expert commentary to adjust your trading strategies.

AUD/USD Technical Analysis

Daily Chart

The AUD/USD remains well above the 50-day and 200-day EMAs, confirming the bullish price trend.

A break above the $0.68006 resistance level could give the bulls a run at the $0.68500 level. Furthermore, a return to 0.68500 may signal a move toward $0.69.

Australian and US labor market data and central bank commentary require consideration.

Conversely, a fall through the $0.67500 level could bring the $0.67050 support level into play. A drop below the $0.67050 support level may give the bears a run at the 50-day EMA.

With a 14-period Daily RSI reading of 57.26, the Aussie dollar could return to the $0.68500 level before entering overbought territory.