AUD/USD: growth against the backdrop of positive dynamics in the
Current trend
The AUD/USD pair is actively growing, reaching weekly highs around 0.7350 amid the publication of positive macroeconomic data.
According to the State Bureau of Statistics ABS, the unemployment rate in the country fell from 4.2% in January to 4.0%, the lowest since the 2008 crisis. It is noted that unemployment among women fell to 3.8%, reflecting a positive trend for the first time in 48 years, while the same figure for men fell to 4.2%, which has not been observed for 14 years. Thus, the increase in the labor force for the month amounted to 77.4K, significantly exceeding the 12.9K shown a month earlier. The fact that the unemployment rate is still moving according to the February forecast of the Reserve Bank of Australia (RBA), which assumes reaching 3.75% by the end of 2022, adds to the positive for market participants. Experts believe that the Current trend may become a catalyst for starting adjustments in monetary policy parameters, ultimately increasing demand for the Australian dollar.
Despite rather positive macroeconomic data, the US dollar is declining. The reason for the downward movement was the news that the Republican Party demanded to consider a bill to ban imports of uranium from the Russian Federation. Earlier, the White House noted that such actions could deal a serious blow to the US nuclear industry since Russian uranium accounts for up to 16% of the total volume purchased, and another 22% for Kazakhstan, which is member of the Organization Collective Security Treaty (CSTO) and Russia's allies. Thus, the US may lose up to 46% of metal imports, which is simply impossible to compensate.
Support and resistance
On the global chart, the price moves within the global Expanding formation pattern framework, forming a wave of growth. Technical indicators are in the buy signal state: indicator Alligator's EMA fluctuations range expands, and the AO histogram is in the buy zone.
Resistance levels: 0.7437, 0.7555.
Support levels: 0.7313, 0.7164.
The AUD/USD pair is actively growing, reaching weekly highs around 0.7350 amid the publication of positive macroeconomic data.
According to the State Bureau of Statistics ABS, the unemployment rate in the country fell from 4.2% in January to 4.0%, the lowest since the 2008 crisis. It is noted that unemployment among women fell to 3.8%, reflecting a positive trend for the first time in 48 years, while the same figure for men fell to 4.2%, which has not been observed for 14 years. Thus, the increase in the labor force for the month amounted to 77.4K, significantly exceeding the 12.9K shown a month earlier. The fact that the unemployment rate is still moving according to the February forecast of the Reserve Bank of Australia (RBA), which assumes reaching 3.75% by the end of 2022, adds to the positive for market participants. Experts believe that the Current trend may become a catalyst for starting adjustments in monetary policy parameters, ultimately increasing demand for the Australian dollar.
Despite rather positive macroeconomic data, the US dollar is declining. The reason for the downward movement was the news that the Republican Party demanded to consider a bill to ban imports of uranium from the Russian Federation. Earlier, the White House noted that such actions could deal a serious blow to the US nuclear industry since Russian uranium accounts for up to 16% of the total volume purchased, and another 22% for Kazakhstan, which is member of the Organization Collective Security Treaty (CSTO) and Russia's allies. Thus, the US may lose up to 46% of metal imports, which is simply impossible to compensate.
Support and resistance
On the global chart, the price moves within the global Expanding formation pattern framework, forming a wave of growth. Technical indicators are in the buy signal state: indicator Alligator's EMA fluctuations range expands, and the AO histogram is in the buy zone.
Resistance levels: 0.7437, 0.7555.
Support levels: 0.7313, 0.7164.
Aviso legal
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