On Tuesday, after yesterday's rather active decline, AUD/USD is trying to recover its positions. The "bearish" momentum of Monday was triggered by the release of weak macroeconomic statistics of China.
The Australian reports published today also does not leave a chance for the buyers of the "osie". The index of manufacturing activity in Australia in October fell from 53.5 p. to 52.9 p. when the forecast was 52.5 p. The services sector index fell from 50.6 p. to 49.0 p. when the forecast was 50.5 p. The composite index declined from 50.9 p. to 49.6 p.
Tomorrow Australia will release its third-quarter inflation report. The quarterly rate is expected to slow from 1.8% to 1.5%. On an annualized basis, it is forecast to rise from 6.1% to 7.0%.
The RBA deputy head Christopher Kent said the regulator's interest rate policy will depend on macroeconomic statistics.
AUD/USD Technical Analysis
Technical indicators and chart patterns do not give clear signals. The Bollinger Bands are steadily declined, at the same time the MACD is in the negative area rising towards zero line and created a buy signal. Stochastic oscillator is flying near the 80% level.
After a breakdown and consolidation above resistance at 0.6345, we go long, taking profit at 0.6450. Stop loss is taken out at 0.6300.
After breakdown of support at 0.6250 we go back to selling, with target at 0.6150. Stop-loss is set at 0.6300.
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