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AUD/USD Price Outlook: Australian Dollar Braces for Inflation Data

AUD/USD Price Outlook: Australian Dollar Braces for Inflation Data

2020-10-27 20:05:00
Rich Dvorak, Analyst
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AUD/USD PRICE OUTLOOK: AUSTRALIAN DOLLAR EYES 3Q INFLATION REPORT DUE FOR RELEASE

  • AUD/USD price action attempts to advance but struggles to maintain a bid more broadly
  • Australian Dollar looks to high-impact inflation data as a potential catalyst for volatility
  • The pro-risk Aussie could be undermined if market sentiment deteriorates further
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AUD/USD edged modestly higher on Tuesday, but the major currency pair trades roughly flat on the week, and Australian Dollar performance is mixed more broadly. The Aussie could be lacking direction in light of uncertainty surrounding high-impact event risk on deck, specifically the release of 3Q Australia inflation data, which brings to focus potential for AUD/USD volatility to accelerate on the back of the typically market-moving report.

Detailed on the DailyFX Economic Calendar, 3Q Australia inflation data is scheduled for Wednesday, 28 October at 00:30 GMT and is expected to cross market at 0.7% from the prior -0.3% reading. A worse-than-expected inflation report out of Australia could bolster the case for dovish action by the RBA, which would likely stand to weigh negatively on AUD/USD price action.

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AUD/USD PRICE CHART: DAILY TIME FRAME (30 JUN TO 27 OCT 2020)

AUD USD Price Chart Australian Dollar technical forecast audusd

From a technical perspective, risk appears skewed to the downside as the Australian Dollar carves out a bearish trend underpinned by a series of lower highs against its USD peer. The 50-day and 100-day simple moving averages could also undermine potential advances by the Australian Dollar. That said, the Aussie looks well-supported around the 0.7000-handle with September and month-to-date swing lows standing out as a potential area of buoyancy. These development look to be forming a descending triangle pattern.

AUD/USD BULLISH
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of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily -5% 9% 4%
Weekly 2% 11% 8%
What does it mean for price action?
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-- Written by Rich Dvorak, Analyst for DailyFX.com

Connect with @RichDvorakFX on Twitter for real-time market insight

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

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