Solid News

Inflation Forecasts in Australia Push Quotes Up

8/12/2022 3:10 PM

Due to the publication of data on expected inflation from the Melbourne Institute, which reflected a correction to 5.9% from 6.3% a month earlier, the AUD/USD pair is strengthening, trading around 0.7120.

The Australian Bureau of Statistics (ABS) has announced the release of a new consumer price indicator, which will be published monthly and allow you to assess changes more accurately in short periods. The agency noted that the new indicator will also be to the key quarterly value and will be informative. The first publication of the indicator may take place in October after the Q3 consumer prices data release.

Another reason for the positive dynamics

of the trading instrument is the downward movement of the US dollar amid disappointing data on the US labor market. Due to an increase in the number of initial applications for unemployment benefits from 248.0K to 262.0K, the total number of people receiving assistance increased again to 1,428M people, up from 1.420M a week earlier. It is worth noting that the upward trend continues for the fourth month in a row, hurting the unemployment rate in the country, which serves as one of the key benchmarks for the US Federal Reserve in determining the further vector of monetary policy.

On the weekly chart, the trading instrument moves inside the Expanding formation pattern, gradually moving away from the support line. Technical indicators maintain a stable buy signal: fast EMAs on the Alligator indicator are held above the signal line, and the AO oscillator histogram forms rising bars in the buying zone.

Support levels: 0.7045, 0.6868. | Resistance levels: 0.7176, 0.7273.

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