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The AUDUSD is Developing Flat Dynamics

3/3/2023 10:48 AM

The AUD/USD pair shows moderate growth, recovering from a fairly active decline the day before, which again did not allow the instrument to demonstrate a stable corrective trend.

The American currency received a slight "bullish" momentum after the publication of statistics on Jobless Claims in the US, while the Australian dollar remained under pressure after the release of data from Australia, where the number of Building Permits issued in January showed a sharp decline of 27.6% after rising 15.3% in December, while analysts expected -9.0%, and in annual terms, the decline accelerated from -3.8% to -8.4%.

Today the AUD/USD pair finds support among the publications of business activity indices in Australia and China. The Services PMI from Commonwealth Bank in February showed a steady increase from 48.6 points to 50.7 points, while the forecast was at the level of 49.2 points, and the Composite PMI for the same period strengthened from 48.5 points to 50.6 points. Chinese data showed acceleration in the Caixin Services PMI in February from 52.9 points to 55.0 points, while the market expected a decline to 50.5 points.

Bollinger Bands on the daily chart show a steady decline. The price range is narrowing, reflecting the emergence of ambiguous dynamics of trading in the short term. MACD is growing preserving a weak buy signal (located above the signal line). Stochastic is showing similar dynamics being located in the middle of its area.

Resistance levels: 0.6750, 0.6800, 0.6850, 0.6900. | Support levels: 0.6700, 0.6628, 0.6583, 0.6520.

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