AUD/USD Weekly Outlook: 21 October 2024
The AUD/USD pair is expected to experience some volatility in the upcoming week. The Australian dollar has been under pressure due to concerns about the global economy, while the US dollar has been supported by strong economic data.
Traders will be keeping a close eye on key economic indicators, such as Australian employment data and US inflation figures, which could impact the direction of the currency pair.
Technical analysis suggests that the AUD/USD pair is currently trading within a range, with support at 0.6960 and resistance at 0.7180. A break above or below these levels could signal a further move in the respective direction.
Overall, the outlook for the AUD/USD pair remains uncertain, as market sentiment continues to be influenced by external factors. Traders should proceed with caution and closely monitor developments in the global economy to make informed trading decisions.