AUD/USD Reversal Puts Multi-Year Trend at Risk
The Australian dollar's recent uptrend is being put to the test after reversing off a multi-year resistance zone. This reversal has left the market waiting for U.S. jobs data to set the next move, which will be driven by several key economic releases.
Michael Boutros, Senior Market Analyst at StoneX Media, analyzed the weekly, daily, and four-hour charts of AUD/USD, highlighting areas where the uptrend remains intact and potential signals that it may break. He also discussed the event risk driving the pair, including Australian second quarter GDP, the ADP private sector employment report, and Friday's nonfarm payrolls.
The Federal Reserve's rate expectations were sharply reset after the Jackson Hole Economic Symposium, and the upcoming jobs data can potentially have a similar impact. Boutros emphasized that these releases will be crucial in determining the next direction for AUD/USD.