As we famous in our Basic Evaluation as we speak, 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 more likely to turn into a driver for additional AUD/USD decline.
In another situation, 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 progress. In the principle situation, we count on AUD/USD to say no.
The motive force might be as we speak’s publication of vital US macro statistics at first of the American buying and selling session (for extra particulars, see the Most Necessary Financial Occasions 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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