Dashboard

Solid News

The Australian Currency is Trying to Seize the Initiative in the Pair

3/1/2023 12:00 PM

Despite the poor macroeconomic reporting, the AUD/USD pair is correcting around 0.6748 against the US dollar’s correction.

Thus, the gross domestic product (GDP) of Australia in the fourth quarter of 2022 added only 0.5%, below the expected growth of 0.8%, which led to a slowdown in the annual rate to 2.7% from 5.9% earlier, as the analysts expected. They believe that despite the ongoing slowdown, there is no talk of a recession yet. The consumer price index fell to 7.4% from 8.4% earlier, supporting the national currency.

The dollar fell below 105.000 in the USD Index yesterday and is now trading at 104.800. Investors are disappointed by the US Conference Board Consumer Confidence Index, which dropped to 102.9 from 106.0 earlier. This indicator has a significant impact on investment opinion and quite accurately reflects consumer demand, which is expected to continue to decline after the January growth.


On the daily chart, the trading instrument is moving below the support line of a wide ascending corridor with dynamic boundaries 0.7250–0.6900, slowing down the decline against the backdrop of a local correction.

Technical indicators maintain a stable sell signal: fast EMAs on the Alligator indicator are below the signal line, and the AO histogram is forming downward bars in the sell zone.

Resistance levels: 0.6800, 0.6980. | Support levels: 0.6690, 0.6500.

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
Mail Us
[email protected]
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 solidecn.com 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 2024 SolidECN.com