Economists consider that the restoration of the Australian labor market stalled in September. Of their view, a 25 bps RBA fee hike is the probably situation in November, whereas a weakening labor market raises the potential for a pause within the RBA fee hike cycle later within the yr.
An necessary issue right here shall be inflation information for the third quarter, which shall be printed on Wednesday (for extra particulars, see Key financial occasions of the week 10/24/2022 – 10/30/2022).
Given the sturdy bearish momentum and the general downward momentum in AUD/USD, additional declines may be anticipated. Extra conservative AUD/USD sellers are prone to determine to attend for as we speak’s intraday low at 0.6273 to be damaged.
In another situation, after the breakdown of the resistance stage of 0.6308, AUD/USD will resume corrective progress.
Assist ranges: 0.6273, 0.6200, 0.6170, 0.5975, 0.5665, 0.5510
Resistance ranges: 0.6308, 0.6400, 0.6415, 0.6455, 0.6477, 0.6500, 0.6545
