In the Asian session, AUD/USD maintains upward momentum and tries to break above the level of 0.6310.
Today the minutes of the Reserve Bank of Australia meeting of October 5 were published where the rate was increased by 50 basis points to 2.60%. In addition, the regulator confirmed its intentions to further tighten monetary policy. Members of the Governing Council believe the rate will reach 7.5% in 2022, fall to 4.0% in 2023, and 3.0% in 2024. The RBA noted the difficult labor market situation, although the unemployment rate reached 3.5%, which is a 50-year low.
The next report on the Australian labor market will be released this week.
AUD/USD Technical Analysis
The Bollinger indicator is actively declining, though the MACD turned up and generated a buy signal, remaining below the zero line.
Stochastic oscillator is steadily increasing.
After a breakdown and consolidation above 0.6362, we form long positions with a target at 0.6522. Stop-loss is taken out at 0.6280.
Breakdown of support at 0.6250 will be a signal to buy. The target is 0.6140. Placement of protective stop at 0.6300
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