The US dollar remains volatile, hovering at 98.50 on the USDX after a steep Friday sell-off and ongoing political controversy. President Trump dismissed Bureau of Labor Statistics Commissioner Erica McEntarfer, accusing her of manipulating monthly jobs data for political purposes—a move that came after July’s nonfarm payrolls were revised from 147,000 to just 14,000, and the latest report showed only 73,000 jobs added. Two months of data were revised lower by a combined 258,000. The administration also forced out Fed Governor Adriana Kugler, deepening market concerns about White House interference in regulatory agencies. The sharp revisions and political fallout have fueled risk aversion and added to the uncertainty for US monetary policy and the dollar’s near-term trajectory.
Technical Analysis: Key Support and Resistance
On the daily chart, AUD/USD is trading just below the ascending channel support (dynamic range: 0.6170–0.5960). Technical indicators have shifted back to a sell signal: fast EMAs on the Alligator indicator are sloping down, widening from the signal line, and the Awesome Oscillator histogram is firmly in the sell zone with a new series of corrective bars.
- Support: 0.6420, 0.6270
- Resistance: 0.6530, 0.6630
AUD/USD: Key support and resistance for this weekAUD/USD Trading Scenarios (Weekly Timeframe)
- Main scenario (Sell Stop):
Entry: 0.6420
Take Profit: 0.6270
Stop Loss: 0.6500
Time horizon: 7+ days - Alternative scenario (Buy Stop):
Entry: 0.6530
Take Profit: 0.6630
Stop Loss: 0.6450 - Key levels to watch: 0.6270, 0.6420, 0.6530, 0.6630
Outlook
Sustained weakness below 0.6420 would confirm renewed selling pressure, opening the door for a test of 0.6270. Conversely, a strong rebound above 0.6530 could trigger a corrective rally toward 0.6630. With inflation trending lower in Australia and the US dollar vulnerable to political headlines and data surprises, volatility in AUD/USD is set to remain elevated in the week ahead.