Economists imagine that the restoration of the Australian labor market stalled in September. Of their view, a 25 bps RBA charge hike is the more than likely state of affairs in November, whereas a weakening labor market raises the potential of a pause within the RBA charge hike cycle later within the 12 months.
An vital 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 could be anticipated. Extra conservative AUD/USD sellers are prone to determine to attend for right now’s intraday low at 0.6273 to be damaged.
In another state of affairs, 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
