AUD/USD Reversal Tests Uptrend Amidst Crucial Economic Data

The Australian dollar has reversed off a multi-year resistance zone after an eight-week advance, leaving US jobs data to set the next move. Michael Boutros, Senior Market Analyst at StoneX Media, breaks down the technical analysis on AUD/USD using weekly, daily and four-hour charts.

According to Boutros, the uptrend remains intact, but a break below key support levels would signal a reversal of the trend. The upcoming economic data releases, including Australian second quarter GDP and US nonfarm payrolls, will provide crucial information on the direction of the pair.

The Federal Reserve's rate expectations have been significantly impacted by the Jackson Hole Economic Symposium, and employment data can reset these expectations again. Boutros emphasizes that traders must closely monitor event risk and technical indicators to make informed trading decisions.