Current trend

The AUD/USD pair is declining, trading at 0.6481. Negative dynamics are developing against the poor macroeconomic statistics.

Thus, the index of business activity in Australia in the manufacturing sector amounted to 49.4 points, below 49.6 points earlier and predicted 49.6 points, and the index of business activity in the service sector fell from 47.9 points to 46.7 points, below the expected 47.9 points. point, the lowest since February 2022.

The US dollar is holding at the level of 103.000 in the USD Index. Data on sales of new housing in July increased from 684.0K to 714.0K, and the number of building permits issued grew from 1.441M to 1.443M. Positive statistics were leveled by reports on business activity: the indicator in the manufacturing sector in August fell from 49.0 points to 47.0 points, and the index in the service sector decreased from 52.3 points to 51.0 points.

Support and resistance

On the daily chart, the trading instrument is moving within the global Expanding formation pattern with dynamic boundaries of 0.7000–0.6360, reaching the support line.

Technical indicators are weakening the sell signal: fast EMAs on the Alligator indicator have begun to approach the signal line, and the AO histogram is forming upward bars in the sell zone.

Resistance levels: 0.6530, 0.6660.

Support levels: 0.6400, 0.6250.

Trading tips

Long positions may be opened after a reversal, growth, and consolidation of the price above 0.6530 with the target at 0.6660. Stop loss – 0.6480. Implementation period: 7 days or more.

Short positions may be opened after the price drops and consolidates below 0.6400 with the target at 0.6250. Stop loss – 0.6500.