As we famous in our Elementary Evaluation at this time, the AUD/USD is buying and selling close to 0.6740 as of this writing, transferring inside a descending channel on the weekly chart and staying beneath key resistance ranges 0.7250, 0.7075. A breakdown of the native help at 0.6700, 0.6685 is more likely to grow to be a driver for additional AUD/USD decline.
In an alternate 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 driving force might be at this time’s publication of necessary US macro statistics initially of the American buying and selling session (for extra particulars, see the Most Vital Financial Occasions of the Week 09/12/2022 – 09/18/2022), whether it is confirmed or exceeds market expectations.
Assist 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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