Fundamental view:

Aussie showed a mixed trend for the past week. US Consumer Credit monthly report on 9^th Sept helped uptrend for the pair whereas US Core PPI monthly report on 10^th Sept and US NFIB Small Business Index on 8^th Sept helped downtrend for the pair.

The Australian Dollar will be closely watching the release of highly-scrutinized employment data on September 17. The event’s typical capacity for market-moving influence could mean a significant burst of volatility following the release. We expect a downtrend in the upcoming week. 

The major economic events deciding the movement of the pair in the next week are Australia Monetary Policy Meeting Minutes at Sep 15, Australia Unemployment Rate at Sep 17, US Core Retail Sales monthly report, FOMC Economic Projections at Sep 16, Unemployment Claims at Sep 17, and US CB Leading Index monthly report at Sep 18.

AUD/USD Weekly outlook:

Technical View:

Last week’s high was 1.20% lower than the previous week. Maintaining high at 0.7324 and low at 0.7192 showed a movement of 132 pips.

In the upcoming week we expect AUD/USD to show a bearish trend.  The currency pair is trading above the 200 Simple Moving Average and the MACD trades to the downside. A solid breakout below 0.7207 may open a clean path towards 0.7133 and may take a way down to 0.7075. Should 0.7340 prove to be unreliable resistance, the AUDUSD may raise upwards 0.7398 and 0.7472 respectively. In H4 chart Ascending Triangle breakout favors prospects of a bearish trend. Also to be noted bearish shooting star formation exerts the expectation of downtrend for the pair.