The Australian dollar slipped back after jumping in the previous week. Where will it go next? The rate decision by the RBA and retail sales stand out in the first week of Q4. Here are the highlights of the week and an updated technical analysis for AUD/USD.
AUD/USD shown strong movements in the previous week but this week it slipped back to the down and showing weak movement signals. RBA and Retail sales will decide the direction of AUD/USD in near Future.
Let’s review the important levels and news announcement of this Week
Weekly Fundamental Analysis of AUD/USD
1. AIG Manufacturing Index: Sunday, 22:30. PMI like the pointer of the Australian business amass stayed static at 56.7 in August, demonstrating solid development in the assembling division. A comparative figure is currently conceivable.
2. Rate choice: Tuesday, 4:30 pm The Reserve Bank of Australia has not changed financing costs since August 2016 and now we can not expect any change. Representative Philip Lowe more than once emphasized the message of unbiased approach in broad daylight appearances. Business fighting or conversion scale references can be of intrigue.
3. Building Permit: Wednesday, 1:30. In June this unstable measure of lodging division fell 5.2%, and the second month of decay is presently on the card. There are seeks after a slide of 2.5% in the report for July.
4. HIA New Home Sale: Thursday. The new home deals check isn’t improving: it fell 3.1% in July. Presently we will get the number for August
5. Business balance: Thursday, 00:30. In July, Australia delighted in an exchange excess of $ 1.551 billion. There is a surplus excess of 1.4 billion for August. Positive figures bolster the Australian dollar.
6. AIG Construction Index: Thursday, 23:30. Not at all like the assembling part, there is not really any expansion in Australia’s assembling area. AIG’s forward-looking check was 51.8 focuses in August, which was essentially lower than the 50-point edge while isolating advancement and withdrawal.
7. Retail deal: Friday, 00:30. This imperative proportion of inside utilization was baffled in July, demonstrating that Australian was not outside and was in winter. It is required to see an expansion of 0.3% in August.
Technical Chart Analysis
Weekly Technical Analysis AUD/USD:
1. 0.7480 capped the pair in mid-July and defends the round 0.75 level. 0.7420 capped the pair twice in mid-July. 0.7360 was a low point in mid-July.
2. 0.7310 is the low of July 2018. 0.7240 was a swing low in late August and the pair attempted to reach it in mid-September.
3. The round number of 0.7200 was a temporary low. 0.7150 was a stepping stone on the way down in early September. 0.7085 is the 2018 trough.
4. Below, we are back to levels last seen in January 2017: 0.7050 could provide some temporary defense against an assault on the round 0.70 level. Even lower, 0.6880 is the next level to watch.