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Australian Construction Market is Actively Recovering

2/10/2023 11:20 AM

After a significant decline at the beginning of the week, the AUD/USD pair returns to positive dynamics, trading around 0.6915. Macroeconomic statistics facilitate the upward movement of quotes.

Yesterday, data on the Australian real estate market was released, which recorded a positive trend: the total number of approved building permits for residential premises increased by 18.5%, and in the private sector – by 56.6%, while the number of houses in it decreased by 2.3%. Analysts also noted a decrease in the maintenance cost of non-residential buildings in December by 1.7%. Also, the number of enterprises in the country's economy increased by 7.0%, with a market entry rate of 19.7%.

The US dollar has held around 103.200 in the USD Index for the third session. The recent growth in employment in the US economy was not supported by initial jobless claims, which showed an increase to 196.0K from 183.0K earlier, which led to an increase in the total number of citizens receiving government assistance to 1.688M from 1.650M.

On the daily chart, the trading instrument is moving within a narrow ascending corridor with dynamic boundaries 0.7300–0.6850 towards the support line.

Technical indicators are weakening the buy signal, indicating a correction: fast EMAs on the Alligator indicator are approaching the signal line, narrowing the range of fluctuations, and the AO histogram has moved into the sell zone, forming the first downward bar.

Resistance levels: 0.6990, 0.7130. | Support levels: 0.6880, 0.6740.

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