AUD/USD: Australian dollar returned to reduction

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Current trend

Today AUD is reducing against US dollar             moving away from local maximums updated yesterday. The instrument is under pressure from not so optimistic macroeconomic statistics from Australian and expected strong labor market releases from the USA at 14:30 (GMT+2).

AiG             PMI dropped from 52.1 to 51.4 points in September which was worse that expected by the analysts. The volumes of retail sales in September remained on zero level after reduction by 0.5% MoM in August. Experts hopes the indicator would grow by 0.4%.

US dollar             receives support from the data on jobless claims published yesterday. They were interesting for the investors in view of the upcoming report on the labor market. The number of initial claims during the week that ended on October 27, dropped from 234K to 229K against the expected growth to 235K.

Support and resistance

Bollinger Bands in D1 chart show moderate reduction. The price range is narrowing. MACD indicator is growing preserving a weak buy signal (the histogram is above the signal line). Stochastic also preserves a stable upward direction but is approaching the level of 80.

Resistance levels: 0.7697, 0.7717, 0.7731, 0.7769.

Support levels: 0.7664, 0.7623, 0.7586.

Trading tips

Long positions may be opened after the breakout of the level of 0.7700 with targets at 0.7750, 0.7769 or 0.7800 and stop-loss at 0.7664. The period of implementation is 2-3 days.

Breaking down the level of 0.7664 may give the “bears” a way to 0.7600 or 0.7580 with stop-loss at 0.7700. The period of implementation is 1-2 days.
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