We consider the latest short-term technical forecasts on the Australian dollar to try and ascertain where the Australian currency is headed.
- The pound vs Aus dollar exchange rate is 0.23 pct lower on a day-to-day basis; GBP/AUD is quoted at 1.7249.
- The Aus dollar vs US dollar is 0.08 pct higher at 0.9392.
- The Euro vs Australian dollar is 0.15 pct higher at 1.4492.
(About the above quotes: All quotes here are wholesale figures. Your bank will subtract a discretionary spread to derive profit when delivering or transferring your money. However, an independent FX prover will beat your bank's quote and look to deliver up to 5% more currency. Find out more here).
Short term outlook & forecasts for the Aus dollar
First up is Emmanuel Ng at OCBC Bank who has the following to say on the Australian vs US dollar:
"Negative dollar vibes may continue to support the pair with the Australian Sep services index also improving significantly to 47.1 from 39.0 the previous month. We retain a buy dips posture for the pair in the interim with base building behavior still expected around current levels.
"Support is seen on dips towards 0.9285 area while 0.9435 should cap pending further cues."
Luc Luyet at MIG Bank says:
"AUD/USD has bounced near the support at 0.9285, but has thus far failed to break the hourly resistance at 0.9458. Another resistance stands at 0.9529, whereas another support is at 0.9224.
"Despite the current deep retracement, we continue to favour a new phase of strength as the consolidation since June is supportive for a longer phase of AUD strength.
"In the medium-term, the break above the strong resistance at 0.9345 confirms an improving medium-term technical structure. However, the long-term technical pattern remains negative thus far."