Forex: AUD/USD: Australian Q3 Wage Price Index at 13-year slowdown

on Nov 13, 2013
Updated: Oct 21, 2019
Listen Wednesday, November 13th:_ The AUD/USD yesterday extended its losing streak from the 23 October high of 0.9756 and moved further from the 50 percent Fibonacci retracement level of 1.0581 to 0.8846 at 0.9707.

With the daily candle opening at 0.9358 and closing at 0.9299, the price lost an additional 0.59 percent after trading within the range 0.9367 to 0.9267, the latter being the lowest point since 13 September. The price closed near the psychological 0.9300 level, which has been offering support since 16 September.
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Since yesterday the ascending 89-day simple moving average has also been providing support and currently the price is trading above this trend indicator. So far today, the pair has been moving between 0.9309 and 0.9285 and is right now changing hands at 0.9302.
Westpac’s Australian Consumer Sentiment Index came out today up 1.9 percent this month to 110.3 points from 108.3 in October.

Also earlier today, the Australian Bureau of Statistics released the Wage Price Index q/q for the third quarter revealing a 0.5 percent rise – the slowest rate of growth for the past 13 years. Analysts had expected an increase of 0.8 percent.
Some market observers believe that the Reserve Bank of Australia has the space to further cut interest rates, although the bulk of expectations are that this won’t happen until next year.

In the United States today, MBA Mortgage Applications for the past week are due out at 12.00 UTC and the Federal Budget Balance for October is scheduled for 19.00 UTC.
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Resistances today: 0.9325, 0.9355 and 0.9385.
Supports: 0.9300, 0.9270 and 0.9200.
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