AUD/USD: Correction lower expected below 0.7640
The AUD/USD pair has made little progress this week, ending it around the 0.7700 figure as investors struggled to maintain the optimism alive. In the view of FXStreet’s Chief Analyst Valeria Bednarik, bulls may finally give up some as a corrective slide is foreseen below 0.7640.
“Australia will start the week with a holiday but will provide relevant data later into the week. The country will publish the December Westpac Leading Index and Q4 inflation figures on Wednesday, alongside NAB’s Business Confidence.”
“The US will offer December Durable Goods Orders, expected to have gained 0.9%, and the first estimate of the Q4 Gross Domestic Product, foreseen at 2.8% QoQ from 3.7% in the previous quarter. On Wednesday, the US Federal Reserve will announce its latest decision on monetary policy, although the market anticipates no changes to the current policy.”
“Bears may become stronger if the pair losses 0.7640, the immediate support level. Once below it, the decline could gain momentum towards the 0.7500 figure. The mentioned monthly high is key, and once above 0.7829, it has room to advance towards the 0.7900 price zone.”