9.11 FPG Australian dollar trend analysis

AUDUSD H4

Due to the lack of significant data in Australia this week, the main trend is the market's bet on a rate cut by the Federal Reserve 7 days later, plus the decrease in demand for bulk commodities such as iron ore. Australia, as a major exporter of iron ore, continues to suppress the demand for the Australian dollar. Tonight, the CPI inflation data for the United States will be released and the market is currently expecting a decline to 2.6%. The US interest rate cycle is driven by inflation, and tonight will publish the final report before the end of the entire interest rate cycle, which will have a significant impact on the Australian dollar in the short term.

From a technical perspective, the highs and lows of the Australian dollar over the past two trading days have steadily declined, forming a downward channel intraday. However, there will certainly be a break in the trend when the data is released tonight. Currently, multiple tests of the support level at 0.664 have been rejected, and attention is focused on the short-term support brought by 0.664 for the Australian dollar.

The first resistance level is at 0.666, the second resistance level is at 0.668, and the third resistance level is at 0.670.

The first support level is at 0.664, the second support level is at 0.662, and the third support level is at 0.660.

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