Solid News

Australian Retail Sales Disappoint the Market

2/1/2023 12:11 PM

Against the depreciation of the US dollar, the pair AUD/USD is correcting around 0.7067.

The Australian economy is under pressure on the back of negative macroeconomic statistics: the data on December retail sales published yesterday reflected its correction by –3.9% after the increase of 1.4% in November, although this value usually grows in the pre-holiday period. Negative dynamics mean that the population's purchasing power has fallen to the lows. Also, the private sector lending volume fell by 0.3% in December compared to 0.5% a month earlier.

The US dollar slipped to 101.800 in the USD Index as Conference Board business confidence dropped to 107.1, down from 109.0 in December and similar analysts' expectations. Also, the composite housing cost index fell to 6.8% from 8.7% earlier due to a general decline in property demand.

On the daily chart, the trading instrument moves within the narrow ascending corridor with dynamic boundaries 0.7450–0.6940 towards the resistance line.

Technical indicators hold a buy signal: fast EMAs on the Alligator indicator are kept above the signal line, expanding the range of fluctuations, and the AO histogram forms corrective bars in the buying zone.

Resistance levels: 0.7130, 0.7280. | Support levels: 0.6980, 0.6820.

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