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Australian Dollar Forecast: Key AUD/USD Levels to Watch

Australian Dollar Forecast: Key AUD/USD Levels to Watch

Justin McQueen,
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AUD, NZD Analysis & News

US Dollar Correction the Dominant Driver

Across the G10 space, a corrective USD has been among the key drivers behind FX markets throughout the past week. Among the notable underperformers has been the Australian Dollar, which has not only felt the weight from a bounce back in the US Dollar but also a repricing of RBA easing ahead of the October 6th meeting. Dovish commentary from RBA Deputy Governor Debelle exploring multiple monetary options at the central bank’s disposal has raised the likelihood that the cash rate will be lowered to 10bps, alongside a reduction in the 3yr yield curve target. In turn, as short end rates remain pressured, the focus is on the psychological 0.70 handle, ahead of support at 0.6970-80..

AUD/USD Bearish
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily 12% -22% 1%
Weekly 15% -27% 0%
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Short Term Risks for AUD/NZD

Earlier this week, we noted that with the RBA on course for easing in the short-term, while the RBNZ remains on hold for the time being, an unwind of the RBA/RBNZ monetary policy divergence narrative ahead of the October RBA meeting, raises downside risks for AUD/NZD. As such, a repricing could see AUD/NZD make a push for the 1.06 handle.

10 Most Popular Candlestick Patterns

AUD/USD Price Chart: Daily Time Frame

AUD/NZD Price Chart: Daily Time Frame

Source: IG

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.