The AUD/USD currency pair experienced a significant weekly decline due to the strength of the US dollar. This was driven by comments from Federal Reserve Chair Jerome Powell indicating a reluctance to lower interest rates. As a result, the probability of a rate cut in December decreased.

Economic Landscape

The economic landscape, including the "Trump Trade" and China's stimulus measures, has also contributed to the challenges facing AUD/USD.

Australia's Employment Data

Australia's employment data has presented a mixed picture, with the unemployment rate remaining steady but employment growth figures falling short of expectations.

Market Anticipation

Market participants anticipate that the Reserve Bank of Australia may delay its first rate cut. The recent RBA meeting maintained the cash rate and highlighted the need to return inflation to target.

Technical Perspective

From a technical perspective, AUD/USD has encountered resistance and is approaching critical trendline support. Traders are advised to exercise caution and await confirmation before making trading decisions. If AUD/USD breaks below support, it could further weaken against the US dollar.

Future Trajectory

The interplay between domestic economic indicators and global factors will continue to shape the future trajectory of the AUD/USD pair.