AUD/USD on Edge as US Jobs Data and Australia GDP Loom
The AUD/USD pair is facing a critical test as both Australia and the US release significant macroeconomic data. The US will publish its manufacturing and services PMI numbers, with economists expecting a reading above 50 indicating economic growth. Additionally, the BLS will release the JOLTS jobs openings report, showing a decrease in vacancies to 7.33 million in July. These numbers come after Federal Reserve Chair Kevin Warsh's statement at the Jackson Hole Symposium, where he maintained that inflation is still high and signaled potential rate hikes.
The AUD/USD pair has been steadily rising over the past three months, reaching its current price of 0.7166 from a low of 0.6866. The Reserve Bank of Australia (RBA) will consider these numbers when making its interest rate decision, with economists expecting the GDP to expand by 0.3% in the second quarter.
A technical analysis of the daily chart shows that the AUD/USD pair has formed an ascending channel and held above key indicators such as the 50-day EMA and Supertrend. The RSI and other oscillators have continued rising, indicating a likely continuation of the upward trend with the next target at 0.7278.