As we famous in our Fundamental Analysis immediately, the AUD/USD is buying and selling close to 0.6740 as of this writing, shifting inside a descending channel on the weekly chart and staying under key resistance ranges 0.7250, 0.7075. A breakdown of the native assist at 0.6700, 0.6685 is prone to change into a driver for additional AUD/USD decline.
In an alternate state of affairs, and after the breakdown of the resistance ranges 0.6770, 0.6797 AUD/USD will go (as a part of an upward correction) in the direction of the resistance ranges 0.6866, 0.6890. It’s nonetheless too early to speak about stronger development. In the principle state of affairs, we anticipate AUD/USD to say no.
The motive force may very well be immediately’s publication of vital US macro statistics in the beginning of the American buying and selling session (for extra particulars, see the Most Important Economic Events of the Week 09/12/2022 – 09/18/2022), whether it is confirmed or exceeds market expectations.
Help ranges: 0.6700, 0.6685, 0.6600, 0.6500, 0.6455, 0.6270, 0.5975, 0.5665, 0.5510
Resistance ranges: 0.6770, 0.6796, 0.6866, 0.6890, 0.6900, 0.7000, 0.7020, 0.7037, 0.7075, 0.7100, 0.7130, 0.7200, 0.7250
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