AUD to PKR Price Prediction September 2023
The Australian dollar (AUD) and Pakistani rupee (PKR) are two currencies that have a significant impact on the global economy. In recent months, the exchange rate between the two currencies has been volatile, leaving many investors and traders wondering what the future holds. In this article, we will provide an AUD to PKR price prediction for September 2023 based on technical analysis and market trends.
Current Market Situation
As of August 2023, the AUD to PKR exchange rate is trading at around 105 PKR per 1 AUD. The Australian dollar has been strengthening against the Pakistani rupee in recent months, driven by a strong economy and rising interest rates in Australia. On the other hand, the Pakistani rupee has been under pressure due to high inflation and a large trade deficit.
Technical Analysis
Based on technical analysis, we can see that the AUD to PKR exchange rate has been trending upwards in recent months. The rate has formed a strong support level at around 100 PKR per 1 AUD and has been making higher highs and higher lows.
Moving Averages
The 50-day moving average is currently trading above the 200-day moving average, indicating a strong bullish trend. The Relative Strength Index (RSI) is also indicating that the rate is not overbought, which suggests that there is still room for further upside.
Resistance and Support Levels
The next resistance level for the AUD to PKR exchange rate is around 110 PKR per 1 AUD, while the next support level is around 100 PKR per 1 AUD.
Price Prediction
Based on our technical analysis and market trends, we predict that the AUD to PKR exchange rate will continue to rise in September 2023. We expect the rate to reach around 108-110 PKR per 1 AUD by the end of the month.
Factors Affecting the Exchange Rate
There are several factors that could affect the AUD to PKR exchange rate in September 2023, including:
- Interest Rates: Any changes in interest rates in Australia or Pakistan could impact the exchange rate.
- Inflation: High inflation in Pakistan could lead to a depreciation of the Pakistani rupee.
- Trade Data: Any changes in trade data between Australia and Pakistan could impact the exchange rate.
- Geopolitical Risks: Any geopolitical risks or tensions between the two countries could impact the exchange rate.
Conclusion
In conclusion, our AUD to PKR price prediction for September 2023 is bullish, with the rate expected to rise to around 108-110 PKR per 1 AUD. However, investors and traders should be aware of the factors that could affect the exchange rate and adjust their strategies accordingly.
