No changes in Australia’s Reserve Bank rate of interest. It remains constant as the previous one. The unchanged rate of interest significantly improve the retails sales by 0.3%. Nowadays, the Australia dollar is suffering from less manufacturing PMI figures. The strong figures of the US dollar adding a little difficulty to AUD to CNY. Both Currencies are facing resistance against the USD.
Let’s take an overview of AUD/USD Technical and Fundamental Analysis
Fundamental Analysis AUD/USD 08-Oct to 12-Oct
1. ANZ Job Advertisement: Monday, 00:30. Job ads fell 0.6% in August and we can see a bounce in September.
2. NAB Business Confidence: Tuesday, 00:30. In September, the monthly poll of 350 businesses of the National Australian Bank fell 4 points, and this aim is generally negative.
3. Westpac Consumer Sentiment: Tuesday, 23:30. This bank poll focuses on buyers. In the last two months, the 1,200-strong review fell sharply. After a slide of 3% in September, we could see the bounce back in October with the start of springtime in Australia.
4. Mi Inflation Requirements: Thursday, 00:00. A meal to the Melbourne Institute’s inflation expectations showed an annual growth rate of 4% in August, which is above the current level of price increases. The measure of Mi fulfills the official inflation data, which is issued only once per quarter. Now we will get the data for September.
5. RBA Financial Stability Review: Friday, 1:30. Central Bank publishes a report on financial stability twice per year. In addition to the evaluation of stability, the publication also provides economic data and can indicate a monetary policy.
6. Home Loans: Friday, 00:30. After a huge 1.1% decline in July, new loans increased by 0.4% in July. Although it is a volatile economic indicator, data provides a snapshot of the housing area. The downward trend of 0.9% has been estimated.
7. Chinese trade balance: Friday, 2:00 pm Australia’s No. 1 trading partner is showing signs of recession but is still enjoying a high trade surplus, which was 27.9 billion in August.
Technical Analysis AUD/USD 08-Oct to 12-Oct
Technical lines from top to bottom:
1. 0.7480 caught the pair in mid-July and saved the level of 0.75. 0.7420 added two pairs in mid-July. In mid-July, there was 0.7360 low point.
2. 0.7310 is at the lower level of July 2018. The swing was low at the end of August 0.7240 and the pair attempted to reach mid-September.
3. The round number of 0.7200 was temporary low. 0.7150 was a stepping stone on the way in early September. 0.7060 was a stepping stone on the way in early October and close to the level seen in January 2017.
4. The round number of 0.70 is closely watched by many market participants. Close, played a role in 0.6970 January 2017. Below, only the notable level is only 0.6825, which supports the pair at the end of 2016 and at the beginning of 2017.