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Sep. 29, 2022

Weak sentiment sees Aussie-Dollar posting 0.75% loss

Live - Updated 60 minutes ago.

The Australian dollar is range-bound between 0.6436 and 0.6526 today after shedding 48 pips and closing at 0.6522 yesterday.

Highly important Initial Jobless Claims data from United States beat analyst expectations of 215,000 with a reading of 193,000. Highly important GDP data from United States beat analyst expectations of -0.6 with a reading of -0.6.

On the flip side, Australia Retail Sales released yesterday at 01:30 UTC is better than expected at 0.6% but down from preceding data of 1.3% according to new data.

Aussie-Dollar's notable support and resistance levels: the resistance level is at 0.6521, followed by 0.6525. Technical analysis trend indicators suggest that Aussie-Dollar made an initial break below its 3 day Simple Moving Average at 0.6473, a possible indication of a forthcoming negative trend. Aussie-Dollar bounced 36 pips away from Fibonacci support at 0.6436. According to asset volatility analysis, Bollinger bands shows an indication of recovery: the lower band is at 0.6421, a low enough level to, generally, suggest that Aussie-Dollar is trading below its fair value.

All in all, the technical analysis suggests Aussie-Dollar has no clear-cut direction.

Though the Australian dollar has been dropping, other pairs have been performing better: having closed the previous session at 1.8986, GBP/NZD is up 1.95% today to currently trade at around 1.9357. GBP/CAD is up 1.84%. GBP/JPY is up 1.31% to 158.92.

Furthermore, Australia Private Sector Credit is expected tomorrow at 01:30 UTC. Australia CFTC AUD speculative net positions scheduled to come out tomorrow at 19:30 UTC. United States Core PCE Price Index (MoM) (Aug) is scheduled for tomorrow at 12:30 UTC.

Having set a significant high of 0.7581 2 days ago, the Australian dollar is trading 1.33% lower.

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Week to date

The Australian dollar is trading around 0.6473, after closing the previous week at 0.6473 (down 0%) .

Trading week at a glance - AUD/USD is up to 0.6473, after closing yesterday at zero. Overall, a 0% move or 6,472 pips this week. (Start trading the Australian dollar at FXTM today).

Uptick comes while some more positive signs for the Australian dollar are out as Australia Retail Sales released yesterday at 01:30 UTC is better than expected at 0.6% but down from preceding data of 1.3% according to new data. United States Crude Oil Inventories published yesterday at 14:30 UTC came out at -215,000, falling short of the 443,000 projections and continuing its decline from the previous 1.14 million figure. Following a previous reading of -0.6%, Pending Home Sales in United States released yesterday at 14:00 UTC fell short of the -1.4% figure expected by analysts with an actual reading of -2%.

On the flip side, United States Initial Jobless Claims came out at 193,000, better than analyst estimates of 215,000 and improving upon the previous reading of 209,000. New GDP data from United States matched market expectations with a reading of -0.6 -- a positive step in contrast to previous data of -1.6 from last month.

Also worthy of note, Australia Interest Rate is expected Tuesday. Australia Trade Balance (Aug) is scheduled for Thursday. Australia AIG Manufacturing Index (Sep) scheduled to come out Monday.