AUD/USD Trades Sideways Above 0.6700 as RBA and Fed Employment Data Loom
Thursday, 5 September 2024, 02:53
AUD/USD Trades Sideways Above 0.6700
The AUD/USD pair trades in a tight range above the critical support of 0.6700 during Thursday's European session. The Australian asset shows limited potential for upward movement, struggling to capitalize on recent weakness in the US Dollar (USD).
Factors Influencing the AUD/USD Movement
Several factors are contributing to the sideways movement of the AUD/USD pair:
- Market anticipation of key employment data from both the RBA and the Fed.
- Overall trends in the dollar index may reshape trader sentiments.
- The Australian dollar may demonstrate resilience once a clearer directional signal emerges.
Analysts suggest that fluctuations in the dollar index could present trading opportunities as traders adjust their expectations based on forthcoming reports.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.