AUD/USD started a fresh increase above the 0.7300 resistance zone.
A major ascending channel is forming with support near 0.7340 on the 4-hours chart.
EUR/USD could extend downsides below the 1.1520 support.
The US Consumer Price Index could rise 5.3% in Sep 2021 (YoY).
AUD/USD Technical Analysis
The Aussie Dollar started a steady increase from the 0.7220 zone against the US Dollar. AUD/USD gained pace after there was a clear break above the 0.7300 resistance zone.
Looking at the 4-hours chart, the pair climbed above the 0.7320 level. There was also a close above the 07350 level, the 100 simple moving average (red, 4-hours), and the 200 simple moving average (green, 4-hours).
The pair traded as high as 0.7385 before starting a downside correction. On the downside, there is a decent support forming near the 0.7350 level.
There is also a major ascending channel forming with support near 0.7340 on the same chart. The channel support is also close to the 50% Fib retracement level of the upward move from the 0.7292 swing low to 0.7384 high.
A downside break below the channel support could open the doors for a move towards the 0.7300 support. The next major support sits near the 0.7250 level.
An immediate resistance on the upside is near the 0.7385 level. The first major resistance is near the 0.7400 level, above which the bulls may possibly aim a larger increase in the near term.
Looking at EUR/USD, the pair is struggling to recover and there is a risk of a break below 1.1500. Besides, GBP/USD is consolidating below the 1.3650 resistance.
UK Industrial Production for August 2021 (MoM) – Forecast +0.2%, versus +1.2% previous.
UK Manufacturing Production for August 2021 (MoM) – Forecast 0%, versus 0% previous.
UK GDP for August 2021 (MoM) – Forecast +0.5%, versus +0.1% previous.
German Consumer Price Index for Sep 2021 (YoY) – Forecast +4.1%, versus +4.1% previous.
German Consumer Price Index for Sep 2021 (MoM) – Forecast 0%, versus 0% previous.
US Consumer Price Index for Sep 2021 (MoM) – Forecast +0.3%, versus +0.3% previous.
US Consumer Price Index for Sep 2021 (YoY) – Forecast +5.3%, versus +5.3% previous.