Solid News

Australian Economy Shows Signs of Decline

11/28/2022 11:09 PM

Amid the decline of the Australian dollar, the pair AUD/USD is correcting around 0.6685.

The reason for the negative dynamics was poor macroeconomic data: according to the Australian Bureau of Statistics, retail turnover in October fell by 0.2% after rising by 0.6% in September, which was the first decline since falling by 4.1% in December 2021 and is a consequence of the weakening in all leading industries, except for products retail trade. The leaders of the negative movement were department stores, which lost 2.4%, closely followed by the clothing trade sector (–2.0%), and for the first time since January, the indicators of restaurants and cafes decreased (–0.4%). ABS Head of Retail Statistics Ben Dorber said the correction results from higher interest rates and could be long-term.

During the Thanksgiving Day celebrations in the US, the quotes of the US dollar did not undergo significant changes, and the week started near 106.200 in the USD Index. Recently, more and more leading politicians in the United States are paying attention to the possible upcoming strike of railway workers, in which up to 100.0K employees can take part, against which US Congressman Brian Fitzpatrick said that Congress is going to intervene in the dialogue trade unions and loaders, so as not to subject the national economy to a new shock.

On the daily chart of the asset, the price is moving in a downward channel, and after reaching the resistance line, a reversal begins to form.

Technical indicators maintain a weakening buy signal: fast EMAs on the Alligator indicator are approaching the signal line, and the AO oscillator histogram forms downward bars in the buying zone.

Resistance levels: 0.6765, 0.6970. | Support levels: 0.6600, 0.6410.

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 2023