Weekly Analysis AUD/USD And Forecast For FX:AUDUSD By MohamadrezaKhorsand

In this post, we analyze the technical and core currency pairs AUD / USD or Australian Dollar against US Dollar . We review the news and the levels of support and resistance , and in the end we conclude and state our forecast.

You can see this post on my site in Persian.

* Fundamental News

We know that Australia is the largest exporter of iron ore and China is the largest buyer of Australian iron ore. The sale of iron ore is so important to Australia that the fall in iron prices has had a greater impact on the value of the Australian dollar than an increase in bond yields.

If China decides to increase its iron purchases from Australia, we will have to wait for the Australian dollar to appreciate. But if China decides to cut iron purchases, the Australian dollar will continue to lose value.

Australian employment data released last week showed a sharp decline and showed that the Australian labor market is performing poorly.

This week at 06:00 Tehran time, the meeting of the Reserve Bank of Australia is RBA Minutes. Australian and US bond yields are approaching. The AUD / USD will rise if Australian bond yields outperform the United States.

The US Federal Reserve is also meeting this week to set interest rates.

* Technical analysis

The AUD / USD is on a downtrend and the price is at the bottom of the downtrend channel and close to the orange support level . It can be assumed that the price is moving in the same channel

So we have to have a short-term uptrend and then a downtrend. After that, the price may break its channel upwards.

Another case is the price reduction and reaching the BUY ZONE, after which we expect a new upward trend.

We expect the price to reach the orange level of 0.7262 to 0.7246, as the AUD / USD chart reached below the orange level between 17 and 27 August and has spent most of its time above this level. To be returned.

You can see this post on my site in Persian