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AUDUSD Market Update

12/23/2022 12:09 PM

The AUD/USD pair has lost its positions and ends the week at Monday's levels around 0.6681 before the Christmas holidays.

Yesterday, the Reserve Bank of Australia (RBA) published the minutes of a meeting on monetary policy, in which the head of the department, Philip Lowe, explained why the interest rate was raised not by 50.0 basis points but by 25.0 basis points. Officials looked at two priorities, cost control and household resilience, and concluded that despite high inflation, increasing the rate by 50.0 basis points was inappropriate as it would create additional credit pressure on households.

The key event last night was the data on US gross domestic product (GDP): Q3 figure rose by 3.2% after rising by 2.9% earlier. The upward trend was supported by a stable volume of business investment and an increase in consumer spending due to funds accumulated during the coronavirus epidemic. Against this background, the national currency regained some lost positions and consolidated above 104.000 in the USD Index. Also, statistics on initial jobless claims were released: the value, as predicted, was worse than the previous one, showing 216.0K claims against 214.0K a week earlier.

On the daily chart of the asset, the trading instrument is moving below the support line of the local rising channel.

Technical indicators are ready to reverse and give a signal to start selling: fast EMAs on the Alligator indicator are approaching the signal line, and the AO oscillator histogram has moved into the sell zone.

Resistance levels: 0.6750, 0.6880. | Support levels: 0.6600, 0.6430.

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