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The AUD/USD declined by 0.45% to 0.6545 in Thursday’s session, remaining near an 11-week low of 0.6540 ahead of the US Nonfarm Payrrolls data on Friday. This decline comes after the recent surge in US inflation and mid-tier economic data.Additionally, Retail Sales in Australia grew marginally in September, falling below expectation, which seems to be weighing on the Aussie Dollar.
Daily digest market movers: Australian Dollar declines amid weakening weakening economy and steady USD
AUD/USD technical outlook: Pair remains bearish, indicators oversold
The daily Relative Strength Index (RSI) is currently at 30, which is in the oversold area. The RSI’s slope is declining sharply, suggesting that selling pressure is rising. The Moving Average Convergence Divergence (MACD) is flat and in the red, indicating that selling pressure is flat. Both suggest that the selling pressure might have become over-extended and that a consolidation is coming.More By This Author:USD/JPY Hits New Lows Below 152.00 Following A Hawkishly-Tilted Ueda Japanese Yen Strengthens Against USD Ahead Of BoJ Governor Ueda’s Press Conference US GDP Expected To Grow At Solid 3% In Q3, Highlighting Economic Strength