The currency pair opened the day at 0.9631 before reaching a session high of 0.9661 with a low of 0.9591 so far.
Currency market trading was likely to be affected the next day by the quarterly release of Australian GDP figures, due for 12:30 A.M., GMT overnight. According to forecasts, GDP is likely to have risen by just 0.5% in the third quarter, well down from the mark of 1.2% recorded the previous quarter.
Here is what some of the analysts say about the AUD/USD currency pair in the near-term:
Forexcycle notes that AUD/USD’s downward movement is expected to as low as 0.9566 level.
“Resistance is at 0.9699, as long as this level holds, downtrend is expected to continue and next target would be at 0.9450-0.9500 area,” the realtime forex news site adds.
Precise Trader, for its part, writes that the hourly trend is turning up while 0.9485 holds and the daily trend is limited down while 0.9915 holds.
It continues, “0.9675-0.9715 are the critical levels to watch to maintain the bearish outlook.”