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AUDUSD Shows Multidirectional Trading Dynamics

1/17/2023 10:40 AM

The Australian dollar shows moderate growth during the Asian session, recovering from the previous day's decline. As a result of Monday, the AUD/USD pair showed volatile trading, which ended in the "red" zone. At the same time, the instrument managed to renew the local highs of August 17, as the US markets remained closed on the occasion of Martin Luther King Day.

Macroeconomic statistics from Australia published yesterday did not have a noticeable impact on the dynamics of AUD/USD. TD Securities Inflation in December slowed down from 1.0% to 0.2% in monthly terms and accelerated from 5.2% to 5.9% in annual terms (due to downward revision of November data).

Today, the instrument is supported by data from Australia and China. Australian Westpac Consumer Confidence rose from 3.0% to 5.0% in January, which was better than analysts' neutral forecasts. Chinese data showed a slowdown in Gross Domestic Product (GDP) in the fourth quarter of 2022 from 3.9% to 2.9%, which was better than analysts' expectations at 1.8%, while Retail Sales in December fell by 1.8% after falling by 5.9% in the previous month, while the market expected a further drop to -7.8%.

Bollinger Bands on the daily chart show a steady increase. The price range is changing slightly, but remains rather spacious for the current level of activity in the market. MACD histogram is slightly declining keeping a previous buy signal (located above the signal line). Stochastic shows a more confident decline, retreating from its highs and signaling the risks of overbought Australian dollar in the ultra-short term.

Resistance levels: 0.7000, 0.7050, 0.7100, 0.7150. | Support levels: 0.6950, 0.6900, 0.6850, 0.6800.

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