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Australian Dollar Forecast: Key AUD/USD Levels to Watch

Australian Dollar Forecast: Key AUD/USD Levels to Watch

Justin McQueen, Strategist

Australian Dollar Analysis and Talking Points

  • AUD/USD | Uptrend Beginning to Stall
  • Australian Labour Market Report Takes Center Stage for Aussie

AUD/USD | Uptrend Beginning to Stall

Much like the rest of the G10 FX space, the Australian Dollar has struggled for direction with the recent uptrend beginning to stall at 0.78. Risk sentiment has eased slightly thus pushing the Aussie back to the mid-77s. However, with Fed Chair Powell re-enforcing comments made by the majority of the committee by downplaying talks of tapering QE purchases the threat of spiking higher rates may have cooled for now in the short-term. On the downside, support is situated at 0.7680-0.7700 with a move below opening the doors to 0.7643 (YTD low) making for a more meaningful pullback.

AUD/USD Chart: Daily Time Frame

Australian Dollar Forecast: Key AUD/USD Levels to Watch

Source: Refinitiv

Australian Labour Market Report Takes Center Stage for Aussie

Looking ahead to next week, initial focus will be on Chinese GDP, which is expected to print at 6.1% Y/Y with a Q/Q reading of 3.2%. On the domestic front, theAustralian Labour market report will be the key risk event for the Aussie, where the jobs markets is expected to continue its recovery, particularly after the December job ads, thus expectations are for the unemployment rate to dip slightly to 6.7%.

DailyFX Economic Calendar

Australian Dollar Forecast: Key AUD/USD Levels to Watch

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

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