Fears of a hard landing could fuel speculation about more aggressive Fed rate cuts in Q4 2024 to bolster the economy. A more dovish Fed rate path may push the AUD/USD toward $0.68.

Near-term AUD/USD trends will likely depend on US inflation and US labor market data. Weaker-than-expected stats could fuel speculation about a more dovish Fed rate path, supporting an AUD/USD move toward $0.68.

Investors should monitor key economic data and central bank communications closely, as these factors may impact AUD/USD price movements. Monitor the real-time data, news updates, and expert commentary to adjust your trading strategies.

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The AUD/USD hovered below the 50-day EMA while remaining above the 200-day EMA, confirming bearish near-term but bullish longer-term price trends.

A break above the 50-day EMA could support a move toward the $0.67003 resistance level. Furthermore, a breakout from the $0.67003 resistance level may give the bulls a run at the $0.67500 level.

Investors should consider the inflation and labor market data from the US.

Conversely, a fall below the top trend line and 200-day EMA could give the bears a run at $0.66. Buying pressure may increase at the top trend line. The 200-day EMA is confluent with the top trend line.

With a 14-period Daily RSI reading of 47.91, the Aussie dollar may break below the 200-day EMA before entering oversold territory.