AUD got a bounce on the acceptance of low US tariffs in Australia market. Let’s take a look on the outlook of AUD/USD Fundamental Analysis and Technical Analysis.
The Trump Administration reported a 10% tax on $200 billion of Chinese products, happening on September 24th. The broadened correspondence, the moderately low duty of 10%, and the mellow Chinese response, with just a few taxes, enabled markets to sit down. China is Australia’s No. 1 exchanging accomplice. The RBA Meeting Minutes kept up the impartial tone and did not suggest any prompt moves.
AUD/USD Fundamental Analysis 24-Sept to 28-Sept
1. Private Sector Credit: Friday, 1:30. Broadened credit results in improved monetary action. Credit to the private division progressed by 0.4% in July. A more direct increment is likely at this point.
2. Caixin Manufacturing PMI: Friday, 1:45. The autonomous measure of financial movement in China’s assembling area tumbled to 50.6 focuses in August, just marginally over the 50-point edge that isolates extension from withdrawal. Australia needs Chinese interest for its metals.
Technical Analysis of AUD/USD 24-Sept to 28-Sept
1. 0.7480 capped the pair in mid-July and defends the round 0.75 level. 0.7420 capped the pair twice in mid-July. 0.7360 was a low point in mid-July.
2. 0.7310 is the low of July 2018. 0.7235 was a swing low in late August and the pair attempted to reach it in mid-September.
3. The round number of 0.7200 was a temporary low. 0.7150 was a stepping stone on the way down in early September. 0.7085 is the 2018 trough.
4. Below, we are back to levels last seen in January 2017: 0.7050 could provide some temporary defense against an assault on the round 0.70 level. Even lower, 0.6880 is the next level to watch.