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AUDUSD Market Update

11/9/2022 11:08 AM

The Australian dollar shows flat dynamics, consolidating near 0.6500. The day before, the AUD/USD pair again tried to demonstrate active growth, developing a "bullish" signal formed last Friday. The buyers managed to update the local highs of September 23, but the Australian dollar failed to consolidate on the new levels. Investors are once again closing part of their positions, fixing profits in anticipation of the publication of US Midterm election results, as well as the upcoming publication of inflation statistics for October.

In turn, moderate pressure on the Australian currency is exerted by today's weak statistics from China, which reflects a further slowdown in the economy. The Consumer Price Index in October rose only by 0.1%, slowing down from 0.3% with a neutral forecast, and in annual terms, the indicator corrected from 2.8% to 2.1%, which was worse than expected 2.4%. The Producer Price Index fell 1.3% over the same period after rising 0.9% in September. Fears about the Chinese economy also intensified after reports were denied that the Chinese authorities were preparing to abandon the policy of "zero tolerance" for the coronavirus.

It is worth noting that Australia, along with the G7 countries, will introduce a fixed price for Russian oil, which will be announced before the end of this month and will be regularly reviewed depending on market trends. The parties to the agreement refused to correlate pricing with indices, noting that this could lead to potential price fluctuations.

Bollinger Bands in D1 chart show moderate growth. The price range changes slightly; however, it signals in favor of further development of the upward dynamics in the short term. MACD grows, preserving a stable buy signal (located above the signal line). The indicator is also trying to consolidate above the zero level. Stochastic, having approached its highs, is trying to reverse downwards, indicating the risks of a corrective decline in the ultra-short term.

Resistance levels: 0.6520, 0.6572, 0.6650, 0.6700. | Support levels: 0.6450, 0.6400, 0.6345, 0.6271.

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