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The AUDUSD is Consolidating Near 0.6650

3/27/2023 10:29 AM

The AUD/USD pair shows a slight increase, trading around 0.6654. Last Friday, the instrument showed a rather active decline, returning to the previous local lows of March 16, and the reason for the appearance of corrective dynamics in the US currency was the March macroeconomic statistics on business activity in the US manufacturing and services sectors. In addition, the technical factors of fixing long positions in the asset played in favor of the American dollar.

In turn, the macroeconomic statistics on Australian business activity indices turned out to be weak. The Services PMI from Commonwealth Bank in March adjusted from 50.7 points to 48.2 points, while analysts expected a decrease to 49.9 points, the Manufacturing PMI corrected from 50.5 points to 48.7 points with a forecast of deceleration to 50.3 points, and the Composite PMI declined from 50.6 points to 48.1 points. On Tuesday, investors will evaluate the February data on the dynamics of Retail Sales, assuming a possible slowdown in the figure from 1.9% to 0.4%. Also on this day, Luci Ellis, the chief economic advisor to the Governor of the Reserve Bank of Australia (RBA), will make a speech.

Bollinger Bands on the daily chart show flat dynamics. The price range is narrowing, reflecting mixed trading in the short term. MACD reversed downwards having formed a weak sell signal (located below the signal line). Stochastic shows a more confident decline, but at the moment it is rapidly approaching its lows, indicating risks of the British currency being oversold in the near future.

Resistance levels: 0.6650, 0.6700, 0.6750, 0.6800. | Support levels: 0.6624, 0.6600, 0.6563, 0.6500.

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