AUD/USD Forecast: Consolidation likely while above 0.6400

On a quiet day, the AUD/USD experienced a modest rise and moved sideways. It initially climbed to 0.6440 during the Asian session but retraced back as

the US Dollar strengthened, finding support above 0.6400 and stabilizing around 0.6420. Market participants are still digesting the words of Federal Reserve Chair Jerome Powell and shifting their focus to upcoming US jobs and inflation data. showed a stronger-than-expected improvement of 0.5% after a 0.8% decline in June. This is significant considering weak consumer confidence, with economists warning that households are likely to continue reducing spending in the coming months.

On the 4-hour chart, the AUD/USD is trading below the 20-period SMA located around 0.6430. On the flip side, the 0.6400 level has become a short-term support area. A break below 0.6400 could expose the Australian Dollar to August lows near 0.6365; below that, a decline towards 0.6300 seems probable. On the upside, if the Aussie moves above 0.6440, it could gain momentum and aim for 0.6460. Further resistance is likely to grow as the pair approaches 0.6500.

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