The Australian dollar shows corrective growth, recovering from Thursday's "bearish" dynamics, as a result of which the instrument updated local lows from October 24. The AUD/USD pair is testing 0.6350 for a breakout; however, there are no noticeable drivers on the market.
Investors close part of their existing positions, fixing profits before the weekend, as well as today's publication of data on the US labor market for October. Along with the statistics on consumer inflation, which will be released next week, the report on the labor market will provide an overall picture of the economic situation in the country, on the basis of which the US Federal Reserve will decide on the interest rate in December.
In turn, moderate pressure on the position of the instrument is exerted by weak macroeconomic statistics from Australia. AiG Performance of Construction Index in October showed a decrease from 46.5 points to 43.3 points, and Retail Sales in the third quarter slowed sharply from 1.4% to 0.2%, which was twice worse than analysts' forecasts.
Meanwhile, the Australian authorities have lifted tax restrictions on transactions with BTC as a fiat foreign currency, now the token will be subject to the regime that applies to digital assets. It was also clarified that the country would not follow the example of El Salvador and would not allow the use of cryptocurrency as legal tender. Investors welcomed the changes in the regulatory framework, noting that the rhetoric of the Australian Taxation Office could play an important role in building trust in digital instruments.
In the D1 chart, Bollinger Bands are reversing horizontally. The price range is narrowing, reflecting the emergence of ambiguous dynamics of trading in the short term. MACD has reversed upwards preserving a sell signal (located below the signal line). Stochastic, having reached its lows, also rushed up, signaling in favor of the development of corrective growth of the Australian dollar in the ultra-short term.
Resistance levels: 0.6345, 0.6400, 0.6450, 0.6520. | Support levels: 0.6271, 0.6200, 0.6140, 0.6100.