AUD/USD dynamics scenarios on October 27, 2023
October 27, 2023 2:22 pmVideo
Latest News
- USD/JPY: Simple Trading tips for novice traders on April 17th (US session) April 17, 2024
- GBP/USD: Simple trading tips for novice traders on April 17th (US session) April 17, 2024
- EUR/USD: Simple trading tips for novice traders on April 17th (US session) April 17, 2024
- GBP/USD: trading plan for the US session on April 17th (analysis of morning deals) April 17, 2024
- Technical Analysis – EURUSD takes a breather after sharp tumble April 17, 2024
- Market continues to price in a plethora of rate cuts for 2024 – Special Report April 17, 2024
- EUR/USD: trading plan for the US session on April 17th (analysis of morning deals) April 17, 2024
- Technical Analysis – EURGBP maintains bearish bias amid pennant formation April 17, 2024
- EUR/USD. April 17th. Jerome Powell supports the dollar April 17, 2024
- GBP/USD. April 17th. Inflation in Britain is falling, but not as much as the market wants April 17, 2024
- Tesla Q1 Earnings: Poor deliveries point to disappointing results – Stock Markets April 17, 2024
- Video market update for April 17, 2024 April 17, 2024
- Forex forecast 04/17/2024: EUR/USD, GBP/USD, Gold, Bitcoin and Ethereum from Sebastian Seliga April 17, 2024
- Technical Analysis – Gold struggles to jump above 2,400 April 17, 2024
- GBP/USD: trading tips for beginners for European session on April 17 April 17, 2024
- EUR/USD: trading tips for beginners for European session on April 17 April 17, 2024
- Market Comment – Geopolitics and Fedspeak keep stocks under pressure April 17, 2024
- Technical Analysis – USDJPY on the verge of hitting 155.00 milestone April 17, 2024
- Hot forecast for EUR/USD on April 17, 2024 April 17, 2024
- Overview for the GBP/USD pair on April 17th. British inflation could weigh on the pound April 17, 2024
During today’s Asian trading session, the Australian dollar strengthened significantly, and the AUD/USD pair rose after the publication of positive macroeconomic data from Australia. Today’s release of the Australian Producer Price Index accelerated in the third quarter, from +0.5% to +1.8%, although it slowed slightly on an annual basis, from +3.9% to +3.8%.
On Thursday, Reserve Bank of Australia Governor Michele Bullock stated that the Consumer Price Index had been slightly above expectations but roughly where they had expected it to be. She also mentioned that inflation in the services sector was higher than the level that satisfied them and that the RBA had always had a low tolerance for inflation.
Now, economists expect that the RBA will raise interest rates at the meeting on November 7.
At the same time, the Australian dollar has been strengthening in recent days in major currency pairs, indicating its current strength.
During today’s Asian trading session, AUD/USD broke through the important short-term resistance level of 0.6335 (200 EMA on the 1-hour chart).
To accelerate and develop the upward correction, the price needs to overcome two more important resistance levels: 0.6379 (200 EMA on the 4-hour chart) and 0.6405 (50 EMA on the daily chart). The targets for further growth are the resistance levels at 0.6454 (23.6% Fibonacci level of the correction wave from 0.9500 to 0.5510), 0.6500, and 0.6535 (144 EMA on the daily chart). Breaking through the resistance levels of 0.6585 (200 EMA on the daily chart) and 0.6620 (50 EMA on the weekly chart) will bring AUD/USD into the medium-term bullish market zone.
However, for now, AUD/USD remains in the medium and long-term bearish trend zone, below the key resistance levels of 0.6965 (200 EMA on the weekly chart) and 0.6585 (200 EMA on the daily chart).
A break below the important short-term support level at 0.6335 (200 EMA on the 1-hour chart) and today’s low at 0.6318 may signal a resumption of short positions on AUD/USD, with the nearest target at the local support level of 0.6285. In case of further decline, the pair will move inside the downward channel on the weekly chart towards its lower boundary and levels of 0.6200 and 0.6170 (lows of 2022).
In any case, short positions remain preferable for now. Only a breakout of the key resistance levels of 0.6965 (200 EMA on the weekly chart) and 0.7040 (38.2% Fibonacci level) will bring AUD/USD into the long-term bullish market zone.
Support levels: 0.6335, 0.6300, 0.6285, 0.6200, 0.6170
Resistance levels: 0.6360, 0.6379, 0.6405, 0.6454, 0.6500, 0.6535, 0.6585, 0.6600, 0.6620, 0.6700, 0.6800, 0.6840, 0.6880, 0.6900, 0.6965, 0.7000, 0.7040
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: