AUD/USD Daily Forecast: Key Economic Indicators Driving Bullish Momentum

The AUD/USD daily forecast indicates a bullish momentum spurred by vital economic indicators. Australian Services PMI data, released on September 4, showed a rise from 50.4 in July to 52.2 in August. This increase can influence the AUD/USD performance, as services contribute significantly to the economy, making up over 70% of GDP.

Investors should also track the upcoming Australian GDP numbers, with expectations of a 0.3% growth for Q2 2024. A stronger-than-expected result could elevate demand for the AUD/USD, potentially pushing it towards $0.68. Conversely, a decline in key economic indicators might undermine the Australian dollar, possibly lowering the AUD/USD to $0.66500.

Impact of US Labor Market Data on AUD/USD

As US labor market metrics are anticipated later on Wednesday, falling job openings could influence US dollar demand, further affecting the AUD/USD rates. A decline below 8 million job openings may indicate a downturn in consumer spending, intensifying recession concerns, which may weaken the AUD/USD.

Short-Term Outlook for AUD/USD

The short-term outlook remains bullish for the AUD/USD, reliant on the latest economic releases from Australia and the US. Investors should stay vigilant for economic updates that could cause fluctuations in the AUD/USD pairing.

AUD/USD Price Action Insights

Currently, the AUD/USD is projecting solid upward trends. A breakthrough past the $0.67967 resistance could trigger an extension towards $0.68500. However, breaching the $0.67003 support level may signal a bearish reversal.