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AUDUSD Market Update

9/12/2022 12:01 PM

The AUD/USD pair shows ambiguous trading dynamics during the Asian session, consolidating near 0.6830. Investors are trying to predict the situation in the market after many currencies showed a confident upward rally against the US dollar at the end of last week. So, for only one trading session on Friday, September 9, the Australian dollar recovered to the local highs of August 31.

At the same time, traders were disappointed by the publication of poor macroeconomic statistics from China, where, in particular, a decrease in inflation in August by 0.1% from 0.5% last month was recorded, while the growth rate adjusted from 2.7% to 2.5% YoY with preliminary estimates of experts at 2.8%, which is a signal of a slowdown in the national economy.

Following the publication by the analytical company Impact Economics and Policy of information about the inflated costs of post-COVID rehabilitation of citizens in the amount of 3.6B US dollars, the Australian authorities launched a parliamentary inquiry to determine the exact number of people who need medical care after an infection. In particular, according to the information provided, taking into account weekly expenses, which amount to about 100.0M Australian dollars, the losses of the national budget for the year amount to 5.2B Australian dollars. As a result, the authorities will submit a report that will collect expropriated treatments and determine whether those who have been ill will be able to receive payments from the state.

On Thursday, Australian investors are focused on the report on the national labor market for August, and analysts predict an increase in employment by 50.0K after falling by 40.9K last month.

On the daily chart, Bollinger bands reverse in the horizontal plane: the price range is narrowing from above, reflecting the ambiguous nature of trading in the short term. MACD is growing, maintaining a relatively strong buy signal and above the signal line. Stochastic shows a confident upward direction, but at the moment, it is rapidly approaching its highs, indicating that the instrument may become overbought in the ultra-short term.

Resistance levels: 0.6853, 0.6900, 0.6950, 0.7000. | Support levels: 0.6800, 0.6750, 0.6700, 0.6650.

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