Trading in the Asian session on Tuesday for AUD/USD shows mixed dynamics, the pair is quoted around 0.6540. The instrument showed significant growth on Monday, which is mainly attributed to technical factors.
The published data from the United States put some pressure on the US currency. Thus, the volume of new home sales in February decreased by 0.3%, and the total number of homes sold decreased from 0.664 million to 0.662 million, which is lower than analysts' expectations of 0.680 million. The index of business activity in the industrial sector according to the Federal Reserve Bank of Dallas in March fell from -11.3 to -14.4.
Today, investors' main attention is focused on statistics on orders for durable goods, which is taken into account by the Fed when adjusting the course of monetary policy. The index is expected to grow by 1.3% in February. If the growth rate turns out to be higher than forecasts, then the Fed's plans to cut rates in June may change.
In Australia, consumer confidence data is published today. The Westpac indicator from the Melbourne Institute fell by 1.8% in March. Tomorrow, investors will follow the final assessment of the dynamics of February consumer prices, where a slight increase from 3.4% to 3.5% is expected.
The RBA's semi-annual report, released on Friday, notes that high inflation and interest rates are putting pressure on household budgets, but almost all borrowers continue to repay loans on time. Debt servicing costs have increased by about 30.0-60.0% since the start of the rate hike in May 2022. One in twenty home loan holders in Australia spends more than they earn, but the delay in payments for more than 90 days is less than 1.0% of all housing loans. A strong labor market also supports the ability of the country's residents to repay debts. The unemployment rate fell to 3.7% in February, and a record number of new jobs were created.
AUD/USD Technical Analysis for today
On the daily chart, the Bollinger Band indicator shows a moderate narrowing, with a neutral MACD and a growing stochastic
The formation of long positions is possible after a break above the level of 0.6554. The target is 0.6600. The stop loss is set at 0.6530.
A breakdown below the 0.6524 level may be a signal to enter sales. The target becomes 0.6486. We will place the stop loss at 0.6545.