Solid News

Australian Economy is Slowly Recovering

11/7/2022 2:05 PM

Against Friday's statistics, the AUD/USD pair is growing, trading around 0.6427.

Australia's retail sales rose by 0.2% in the third quarter, marking a fourth consecutive period of positive growth, although this time, the value slowed rapidly from 1.0% earlier. Thus, the leaders were department stores, which added 4.4%, restaurants – 3.3%, and retail trade in clothing, footwear, and personal accessories (+3.2%). These industries have been among the top three in volume growth in the past four quarters, driven primarily by increased consumer demand following the coronavirus pandemic. Household goods declined the most, by 1.9%, and food, which lost 0.6%, but retail prices gained 2.0% on average in September. Thus, the sectors most affected by COVID-19 provided positive dynamics, indicating the economy's ongoing recovery.

The US dollar failed to hold on to the year's highs and fell to 110.800 in the USD Index as investors were disappointed by the October unemployment report, which rose by 0.2% to 3.7% instead of 3.5% in September. The key factor that influenced the increase in the indicator was Nonfarm Payrolls, which fell to 261.0K from 315.0K a month earlier. The private Nonfarm Payrolls also showed negative dynamics, falling to 233.0K from 319.0K in the previous period.

On the daily chart of the asset, the price is moving in a downtrend, forming a Head and shoulders reversal pattern.

Technical indicators maintain a weakening sell signal: fast EMAs on the Alligator indicator are approaching the signal line, and the AO oscillator histogram has come close to the transition level.

Resistance levels: 0.6495, 0.6680. | Support levels: 0.6360, 0.6196.

Find Us
Registered Address : Bonovo Road – Fomboni Island of Mohéli – Comoros Union
Sofia, PO Box 1407,14 Flip Kutev Str. Floor 2, Industrial area Hladilnika, Bulgaria
Call Us
+35 924 928 392

Risk Warnings
Solid ECN Securities LLC offers trading on Foreign Exchange (‘Forex’ or ‘FX’) and Contracts for Difference (‘CFDs’), which are complex financial products that are traded on margin. They carry a high level of risk since leverage can work both to your advantage and disadvantage. As a result, these products may not be suitable for all investors, as loss of all invested capital may occur. You should not risk more than you are prepared to lose. Before deciding to trade, you need to ensure that you understand the risks involved and consider your investment objectives and level of experience. Seek independent advice, if necessary.
Solid ECN Securities LLC does not issue advice, recommendations or opinions in relation to acquiring, holding or disposing of a CFD. Solid ECN Securities LLC is not a financial advisor and all services are provided on an execution-only basis. This communication is not an offer or solicitation to enter into a transaction and shall not be construed as such.
This website is not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation.
By using you agree to use our cookies to enhance your experience.
Solid ECN Securities LLC is authorized and regulated by the Comoros Union with reference number HY00623411.
Disclaimer 1: The information provided on this site is not intended for residents of any country or jurisdiction where its distribution or use would violate local laws or regulations.
Disclaimer 2: Solid ECN Securities LLC and it affiliates does not provide services to residents of the USA, Japan, Canada, Australia, the Democratic Republic of Korea, European Union, United Kingdom, Iran, Syria, Sudan and Cuba.
Copyright All Right Reserved 2024