Forex: AUD/USD: NAB Business Confidence down to 5 but still positive

on Nov 12, 2013
Updated: Oct 21, 2019
Listen Tuesday, November 12th:_ The AUD/USD yesterday traded within the range 0.9389 to 0.9343. The daily candle opened at 0.9383 and closed at 0.9358, with the pair logging a 0.25 percent loss for the day.

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Thus far today, the pair has been trading between 0.9367 and 0.9324 – the latter being the lowest point since 1 October – and is currently at 0.9327. If the price continues to drop, the next target would be the slightly ascending 89-day simple moving average, currently positioned at 0.9292, and then the 30 September low of 0.9279.

The MACD (9,12,1) oscillator is negative on the 1H, 4H and daily charts, indicating bearish sentiment.
National Australia Bank earlier today released its Business Confidence Index for October, showing a drop to 5.0 points from the prior level of 12. The index, which derives from the surveying of some 350 firms on their view of business conditions going forward, still remains above the zero mark separating improving from worsening conditions. NAB’s October Business Conditions Index remained at a level of -4 points.

A slight drop to 93.5 from 93.9 is forecast in the NFIB US October Business Optimism Index, due out at 12.30 UTC today.
The Chicago Fed’s National Activity Index is scheduled for release at 13.30 UTC. The index measures overall economic activity and related inflationary pressure. The prior release showed a value of 0.14 points.
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Resistances today: 0.9350, 0.9380 and 0.9400.
Supports: 0.9325, 0.9300 and 0.9270.
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