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Australian Construction Sector Remains Under Pressure

1/18/2023 12:54 PM

The AUD/USD pair is correcting at the level of 0.7020.

Significant problems in the national economy constrain the positive dynamics of the Australian currency: another negative signal came from the real estate sector, where the Q4 total volume of commissioning of new housing decreased by 5.2% to 45.489K, and the indicator in the private sector – by 4.9 % to 28.895K. Construction in other housing projects fell by 5.2%, amounting to 15.618K, and the total cost of work performed in the industry increased by 1.5%, reaching 30.6B Australian dollars. After the June reversal of the trend, the indicators of the construction sector are declining, approaching the historical lows of the pandemic 2020.

The US dollar strengthened slightly, trading at 102.500 in the USD Index. The Treasury Department sent a letter to Congress calling for a vote on January 19 to pass an increase in the national debt limit: according to Treasury Secretary Janet Yellen, abandoning it would cause irreparable harm to the US economy and disrupt global financial stability. There are prerequisites for the fact that the Republican majority may block the project: it was previously reported in a statement by the Republican leader Kevin McCarthy.

On the daily chart of the asset, the trading instrument is moving within a narrow upward corridor, rising in the direction of the resistance line.

Technical indicators strengthen the buy signal: fast EMAs on the Alligator indicator are held above the signal line, and the AO oscillator histogram rises in the buy zone.

Resistance levels: 0.7048, 0.7257. | Support levels: 0.6915, 0.6719.

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