AUD/USD Inches Lower Ahead of US Pending Home Sales News

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The Australian dollar is already in a bearish trend, as evidenced by the lower lift of the AUD/USD currency pair’s price. And, sadly, the AUDUSD has started the day as a blinking red sticker on the graph with a price of less than 0.7200. The new AUD/USD situation is quite discouraging, and, more importantly, it values its unworth every day.

Numerous updates place a large majority of their bets on the poorly maintained AUD/USD, whether from Australia or America, with the strongest resistance levels operating behind this performance.

With the greatest resistance levels at work behind the AUD/USD currency pair’s failure. In addition to these enormous resistances, there are approaching reports from the United States whose loss works in depreciating the Australian dollar or enchanting the US dollar.

AUDUSD

According to the analyst’s forecast, home sales in the United States would rise from -2.3 percent to 1% in October. The National Association of Realtors will release pending home sales, a leading indicator of the US housing market patterns that tracks existing single-family homes’ residential housing contract operation.

Since the housing market is a critical factor for the US economy, it might cause some inputs for the greenback and hence unappreciated other currencies against it.

Conclusion

While short- and medium-term traders may benefit from AUD/USD pair’s current price action through selling, investors may not get the maximum return on their investment if the market remains bearish.

 

 

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