AUD/USD: awaiting the Jackson Hole, supported by sone stablity in commodities

Commodities were performing better, oil with a bid from $46.40 to $47.29 highs and Gold was stabilizing, allowing for the aussie to drift higher from 0.7602 to 0.7620 highs in a subdued session ahead of key events in the US.

The end of the week will deliver the Jackson Hole as the climax where Yellen is to speak. There has been a great deal of hype since this will be a speech that will be made ahead of September's FOMC meeting and markets will be looking out for hints of what we might expect as an outcome. 

From a technical point of view, Valeria Bednarik, chief analyst at FXStreet explained that the pair remains at risk of breaking lower, as it has been unable to recover from the lower range of the 0.76 region.

Analysts at Westpac offered a longer term view of between 1-3 months for AUD/USd as follows, "The RBA’s easing bias combined with the Fed’s tightening bias should push the AUD lower towards 0.74 by year end, although recent BOE and BOJ easing have made the AUD even more attractive to global investment flows such that a test of 0.78 is possible first."

AUD/USD levels

Current price is 0.7620, with resistance ahead at 0.7623 (Daily 20 SMA), 0.7623 (Daily High), 0.7637 (Daily Classic R1), 0.7641 (Yesterday's High) and 0.7646 (Hourly 200 SMA). Next support to the downside can be found at 0.7620 (Hourly 100 SMA), 0.7618 (Daily Open), 0.7616 (Hourly 20 EMA), 0.7615 (Daily Low) and 0.7614 (Weekly Low). Looking at price patterns, we can see a Doji 1-hour candlestick formation.