AUD/USD Daily Forecast: Chinese Economic Data and Aussie Jobs in Focus
==========
Australian labor market data on August 15 could influence AUD/USD and the Reserve Bank of Australia's (RBA) rate decisions; Weak Chinese industrial production data may dampen Aussie demand, possibly driving AUD/USD toward $0.65000; US jobless claims data might increase recession fears, impacting AUD/USD trends through changing risk sentiment and rate bets; Economists forecast the unemployment rate to remain steady at 4.1% in July; Rising bets on an RBA rate hike could push the AUD/USD toward $0.70; Economists forecast industrial production in China to increase by 5.2% year-on-year in July; Weaker-than-expected numbers could also affect market risk sentiment, possibly pushing the AUD/USD toward $0.65000; Economists expect retail sales in China to rise by 2.6% year-on-year in July; Economists expect initial jobless claims in the US to increase from 233k in the week ending August 3 to 235k in the week ending August 10; Increasing bets on multiple 2024 Fed rate hikes may narrow the interest rate differential between the US and Australia, possibly pushing the AUD/USD toward $0.70; Short-term AUD/USD trends will hinge on the Aussie and US labor market data; A tighter Aussie labor market and looser US labor market conditions could push the AUD/USD toward $0.70 on narrowing interest rate differentials; A break above the 200-day and 50-day EMAs could support a move toward the top trend line; A breakout from the top trend line could give the bulls a run at the $0.67003 resistance level; A break below the $0.65760 support level may support a fall through the $0.65500 handle; With a 14-period Daily RSI reading of 49.97, the Aussie dollar may drop below the $0.65760 support level before entering oversold territory.
#Aud/usd #ChineseEconomicData #AussieJobs #LaborMarket #RbaRateDecisions
https://www.fxempire.com/forecasts/article/aud-usd-daily-forecast-chinese-economic-data-and-aussie-jobs-in-focus-1453840
FX Empire /
npub1lj…9zjdc
2024-08-15 01:24:02
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npub1ljmz9hjq6kkwm5ltqfc6dpw9ytalhtnf7sgp4r75dqvtsq2wz9sqp9zjdcSeen on
wss://relay.damus.ioPublished at
2024-08-15 01:24:02Event JSON
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"content": "AUD/USD Daily Forecast: Chinese Economic Data and Aussie Jobs in Focus\n==========\n\nAustralian labor market data on August 15 could influence AUD/USD and the Reserve Bank of Australia's (RBA) rate decisions; Weak Chinese industrial production data may dampen Aussie demand, possibly driving AUD/USD toward $0.65000; US jobless claims data might increase recession fears, impacting AUD/USD trends through changing risk sentiment and rate bets; Economists forecast the unemployment rate to remain steady at 4.1% in July; Rising bets on an RBA rate hike could push the AUD/USD toward $0.70; Economists forecast industrial production in China to increase by 5.2% year-on-year in July; Weaker-than-expected numbers could also affect market risk sentiment, possibly pushing the AUD/USD toward $0.65000; Economists expect retail sales in China to rise by 2.6% year-on-year in July; Economists expect initial jobless claims in the US to increase from 233k in the week ending August 3 to 235k in the week ending August 10; Increasing bets on multiple 2024 Fed rate hikes may narrow the interest rate differential between the US and Australia, possibly pushing the AUD/USD toward $0.70; Short-term AUD/USD trends will hinge on the Aussie and US labor market data; A tighter Aussie labor market and looser US labor market conditions could push the AUD/USD toward $0.70 on narrowing interest rate differentials; A break above the 200-day and 50-day EMAs could support a move toward the top trend line; A breakout from the top trend line could give the bulls a run at the $0.67003 resistance level; A break below the $0.65760 support level may support a fall through the $0.65500 handle; With a 14-period Daily RSI reading of 49.97, the Aussie dollar may drop below the $0.65760 support level before entering oversold territory.\n\n#Aud/usd #ChineseEconomicData #AussieJobs #LaborMarket #RbaRateDecisions\n\nhttps://www.fxempire.com/forecasts/article/aud-usd-daily-forecast-chinese-economic-data-and-aussie-jobs-in-focus-1453840",
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