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AUD/USD: staying in the global downtrend – Analytics & Forecasts – 18 November 2022

Byadmin

Nov 18, 2022
AUD/USD: staying in the global downtrend

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The RBA seems to be set to further increase interest rates, but “the size and timing of future rate increases will be determined by incoming data, an assessment of inflation prospects and the labor market.” Although, rising inflation is likely to keep the leadership of the RBA from taking steps to ease monetary conditions in the country.

All this means that investors who follow the dynamics of the AUD, however, as well as the leadership of the RBA, need additional information about the state of the economy and inflation dynamics in the country.

In the meantime, the Australian dollar remains vulnerable in cross-pairs, although it is growing against the US dollar, mainly due to the current weakness of the latter.

AUD/USD is in the stage of an upward correction, while remaining in the zone of the global downtrend. This means that despite the current growth of AUD/USD, short positions are still preferable. However, signals are needed for their resumption. The first such signal will be a breakdown of the local support level 0.6680 and the support level 0.6641.

*) for the events of the upcoming week, see the overview Key economic events of the week 11/21/2022 – 11/27/2022

Support levels: 0.6680, 0.6641, 0.6565, 0.6531, 0.6500, 6455, 0.6382, 0.6285, 0.6200, 0.6170, 0.5975, 0.5665, 0.5510

Resistance levels: 0.6760, 0.6800, 0.6855, 0.6900

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Image and article originally from www.mql5.com. Read the original article here.