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Australian Dollar quotes Retreated to 0.660

11/22/2022 11:23 AM

The Australian dollar shows weak growth, recovering from the decline the day before, as a result of which the AUD/USD pair updated local lows from November 11. The instrument is testing the level of 0.6620, receiving support from technical factors.

Traders are preparing for the forthcoming publication on Wednesday of the minutes of the meeting of the US Federal Reserve. The American regulator is expected to take steps towards weakening the "hawkish" policy, but the comments of its representatives will also be very important. Today, the focus of investors will be the speech of the Governor of the Reserve Bank of Australia (RBA) Philip Lowe, who is likely to speak about the prospects for monetary policy.

The main macroeconomic statistics from Australia will be published on Wednesday, November 23. In particular, the publication of data on business activity from Commonwealth Bank and S&P Global for November is expected. Current forecasts suggest that the Services PMI may decline from 49.3 points to 49.1 points, and the Manufacturing PMI may decline from 52.7 points to 52.4 points.

Bollinger Bands on the daily chart show a steady increase. The price range is narrowing, reflecting the emergence of ambiguous dynamics of trading in the short term. MACD is going down preserving a stable sell signal (located below the signal line). Stochastic is showing similar dynamics; however, the indicator is rapidly approaching its lows, indicating the risks of oversold Australian dollar in the ultra-short term.

Resistance levels: 0.6650, 0.6700, 0.6750, 0.6800. | Support levels: 0.6583, 0.6520, 0.6450, 0.6400.

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