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AUDUSD Market Awaits US Inflation Data

9/13/2022 2:29 PM

The AUD/USD pair is trading around 0.6896, trying to consolidate in the uptrend after the publication of positive macroeconomic statistics.

The Australian Bureau of Statistics released its second-quarter housing stock data today, showing total home values down 162.4 billion Australian dollars for the first time since March 2020 after peaking in the previous quarter. The number of residential buildings increased by 45.2 thousand, while the average price of a house decreased by 18.9 thousand Australian dollars. In addition, the Westpac Consumer Sentiment Index showed positive results, adding 3.9% in September after falling 3.0% in the previous month.

The key influence on the AUD/USD pair is provided by the US dollar, which for the first time since the beginning of August corrected below 108.000 in the USD Index. Today at 14:30 (GMT+2) the market will follow the data on the dynamics of consumer prices for August, and analysts predict a decline in inflation to 8.1% from 8.5% a month earlier. The current indicator is also important as a key benchmark for the US Federal Reserve, which is going to continue the aggressive tightening of monetary conditions. Investors hope that positive macroeconomic statistics may act as a driver for the revision of plans to raise interest rates, which will ease the pressure on the economy, which is at risk of recession.

On the daily chart of the asset, the price is correcting upwards, moving away from the lows of the year. Technical indicators start to reverse towards growth: fast EMAs on the Alligator indicator are approaching the signal line, and the AO oscillator histogram started reversing towards the transition level while forming new ascending bars.

Support levels: 0.6829, 0.6698. | Resistance levels: 0.6916, 0.7050.

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