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The AUDUSD Returned to a Downward Correction Due to the Poor Statistics

3/14/2023 11:06 AM

After active growth at the beginning of the week, the AUD/USD pair is moderately developing a corrective momentum, trading around 0.6659.

On Monday, the Australian dollar renewed local highs of March 7, reacting to the bankruptcy of two large US banks – Silicon Valley Bank and Signature Bank, which caused fears in the markets of a repeat of the 2008 financial crisis. In this regard, the US Federal Reserve hastened to announce the Bank Term Financing Program (BTFP), and President Joe Biden addressed the nation, assuring that all depositors of the affected organizations will have access to their deposits in full.

The pressure on the position of the trading instrument on Tuesday is exerted by poor macroeconomic statistics: February index of business confidence of the National Bank of Australia fell from 6.0 points to –4.0 points with the forecast of reaching zero, and the corresponding indicator of conditions corrected from 18.0 points to 17.0 points against expectations of growth to 21.0 points. The Westpac consumer confidence index showed zero dynamics in March after falling by 6.9% last month, although analysts expected a 0.1% increase.

On the daily chart, Bollinger bands are steadily declining: the price range is narrowing from below, reflecting a change in direction in the short term. The MACD indicator reversed upwards and formed a new buy signal (the histogram is above the signal line). Stochastic demonstrates similar dynamics, being approximately in the center of its working area.

Resistance levels: 0.6700, 0.6750, 0.6800, 0.6853. | Support levels: 0.6600, 0.6563, 0.6500, 0.6450.

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