Should investors be wary of downside potential in the AUD/USD pair, which has formed a triple top pattern?

Should investors be wary of downside potential in the AUD/USD pair, which has formed a triple top pattern?

06.10.2023

In yesterday’s U.S. currency markets, the U.S. dollar fell against the euro despite the fact that the number of new U.S. unemployment insurance claims, released yesterday, was revised downward from the market forecast of 209,000 to 207,000. The EUR/USD pair rebounded from 1.0500 to 1.0550 and broke above the 200-period simple moving average (SMA) on the hourly chart.Since the weekly candle formed a bearish candle with a lower wick, we will be closely monitoring whether today’s U.S. employment report causes the U.S. dollar to weaken.

European currencies saw the pound fall against the Australian dollar after the UK’s September Construction PMI, released yesterday, came in significantly lower than the previous month’s 50.8 and fell below market expectations of 50.1 to 45.0. The GBP/AUD pair dropped from 1.9197 to 1.9069, forming a triple top pattern on the hourly chart.On the higher-timeframe daily chart, the 20-day moving average (MA) is acting as a solid resistance level. Given the decline over the past two days, traders should remain highly vigilant regarding price movements during European trading hours.

Today’s schedule includes Swiss employment figures at 14:45, UK Halifax house prices, German new manufacturing orders, South African total foreign exchange reserves, and Norwegian manufacturing output at 15:00; Hungarian industrial production at 15:30; and Frenchtrade balance and current account balance, at 16:00 Swiss foreign exchange reserves, at 21:30 U.S. and Canadian employment reports, at 25:00 remarks by U.S. Federal Reserve Governor Waller, and at 28:00 U.S. consumer credit balances. We must remain highly vigilant regarding the downside potential of the GBP/AUD pair, which has formed a triple top pattern.

Past Market Reports

1. 21.04.2026New

   With the euro-Australian dollar pair hitting new lows this month, attention is turning to how much further it might fall

2. 20.04.2026New

   Will the market wait and see how much further the U.S. dollar can rise against the yen?

3. 17.04.2026New

   Will the weakening Swiss franc recover? Attention is turning to price movements during European trading hours.

4. 16.04.2026New

   Market participants are likely keeping a close eye on the upside potential of the euro, which has risen against the U.S. dollar

5. 15.04.2026New

   Should we keep an eye on remarks by key figures in the U.S. and try to gauge the direction of currency strength?

6. 14.04.2026

   Market participants are likely watching for signs of a rebound in the Canadian dollar, which fell against the U.S. dollar following the release of employment figures

7. 13.04.2026

   Will the weakening Swiss franc continue to strengthen against the yen, or should we wait and see?

8. 10.04.2026

   Will the U.S. dollar, which has fallen against the yen, continue its downward slide, or should we wait and see how the market moves?

9. 09.04.2026

   Should we keep an eye on the upside for European currencies that have risen against the U.S. dollar?

10. 08.04.2026

    Market participants may be wary of further downside potential for the U.S. dollar, which has weakened amid concerns over the situation in Iran