Australian Dollar Tests New Lows: Analysis For USD/JPY, EUR/USD, AUD/USD, NZD/USD

USD/JPY Remains Stuck Below The Key Resistance Level

USD/JPY remains stuck below the key resistance at 149.50 – 150.00 as traders react to Japan’s  Machinery Orders report. The report indicated that Machinery Orders declined by 1.9% month-over-month in August, compared to analyst consensus of -0.1%. On a year-over-year basis, Machinery Orders decreased by 3.4%.

If USD/JPY manages to settle above the 150.00 level, it will head towards the next resistance level, which is located in the 153.00 – 153.50 range.

EUR/USD Is Under Pressure After Lagarde’s Comments

EUR/USD remains under pressure as traders focus on the recent comments from ECB officials. Christine Lagarde said that the situation in the job market was worrisome, and traders expect that the central bank would continue to cut rates.

In case EUR/USD stays below the 1.0900 level, it will move towards the next support level, which is located in the 1.0765 – 1.0780 range.

AUD/USD Retreats As Traders Focus On Hunter Speech

AUD/USD tested new lows as traders reacted to the comments from RBA’s Hunter, who said that the bank did not see inflation volatility in the near term. It should be noted that expectations regarding efficiency of Chinese stimulus remain an important driver for AUD/USD. The market is skeptical about China’s ability to boost its economy, which is bearish for Australian dollar.

A successful test of the support at 0.6675 – 0.6685 will push AUD/USD towards the next support level at 0.6610 – 0.6620. RSI is in the moderate territory, so there is plenty of room to gain additional downside momentum in case the right catalysts emerge.

NZD/USD Moves Lower As Inflation Rate Misses Expectations

NZD/USD is losing ground as traders react to Inflation Rate report. The report showed that Inflation Rate increased by 0.6% quarter-over-quarter, compared to analyst forecast of +0.7%.

A move below the support at 0.6050 – 0.6060 will open the way to the test of the next support level, which is located in the 0.5975 – 0.5985 range.

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