AUD/USD Price Forecast: Holds above 0.7000 as bulls await breakout above 100-SMA hurdle
The AUD/USD pair once again fails near the 100-day Simple Moving Average (SMA), trimming a part of Tuesday's modest Asian session gains back closer to a one-month high, which it touched the previous day.
The AUD/USD currency pair remains above the 0.7000 level, despite struggling to surpass the 100-day Simple Moving Average (SMA). This price action indicates a cautious sentiment among bearish traders who are eagerly awaiting a breakout above the key technical hurdle. The pair currently trades near the psychological 0.7000 mark, which has previously served as a psychological barrier.
Upcoming economic data from Australia, including monthly consumer inflation figures, as well as the U.S. Federal Reserve's policy decision, will provide further insight into the future direction of the AUD/USD pair. In the meantime, traders will be closely monitoring other macroeconomic indicators, such as the Advance Q3 GDP report and the Personal Consumption Expenditures (PCE) Price Index, as they may influence the U.S. Dollar and provide additional support or resistance for the AUD/USD pair.
Written by urgent.news from FXStreet's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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