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AUD/USD Weekly Forecast: All Eyes on RBA Meeting

AnalyticsTrade Team
AnalyticsTrade Team Last updated on 5 Sep 2023
Category: AUD/USD
AUD/USD Weekly Forecast

Table of Contents

AUD/USD Weekly Forecast
Main Points:

1. Mixed week for AUD/USD, encountering resistance at 0.7400 and support at 0.7220.

2. RBA meeting on Tuesday, the potential impact on the pair’s direction.

3. Key technical level at 0.6500 – a crucial resistance for AUD/USD.

Market Overview

The AUD/USD currency pair had a turbulent week, facing resistance at 0.7400 and finding support at 0.7220. This fluctuation was largely influenced by the strength of the US dollar, alongside factors like Australian GDP technical tools data and iron ore prices.

RBA Meeting and Market Sentiment

Looking ahead, the focal point of the upcoming week will be the Reserve Bank of Australia (RBA) meeting scheduled for Tuesday. Anticipated to maintain its current policy stance, the RBA previously signaled a reduction in bond purchases in July. Moreover, the bank is likely to reiterate its dovish outlook, indicating no interest rate hikes until 2024. The market sentiment surrounding this event could significantly impact the AUD/USD pair.

Upcoming Influences

In addition to the RBA meeting, market participants should keep an eye on the US ISM Services PMI and Australian trade balance data. These releases can contribute to market volatility and influence the currency pair’s direction.

Technical Analysis

From a technical analysis perspective, the AUD/USD price is currently hovering around the 20-day Simple Moving Average (SMA). A critical resistance level to watch is at 0.6500. If this resistance remains unbroken, it could signal a potential further decline for the pair.

Comparison Table: AUD/USD Analysis

Aspect Impact
Market Volatility Expected due to RBA meetings and key data releases.
Market Sentiment Dovish RBA outlook may weigh on sentiment.
Fundamental Analysis RBA’s policy and economic data are crucial for analysis.
Swing Trading Consider swing trading strategies in response to RBA meeting.
Technical Indicators 20-day SMA and 0.6500 resistance levels are significant.

 

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