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AUD / USD showed limited gains for a second week in a row. TThe coming week has only two events. HHere’s a look at the highlights and an updated technical analysis for the AUD / USD.

Australia created an impressive 178.8 thousand jobs in October, defying the forecast of 26.7 thousand. However, the unemployment rate fell from 6.9% to 7.0%. Retail sales rebounded in September with a gain of 1.6%, ending a bad streak of four consecutive declines.

In the United States, the Empire State’s manufacturing index fell from 10.5 to 6.3 as the rate of expansion slowed for a second consecutive month. The Philly Fed’s manufacturing index fell to 26.3 from 32.3 points. Retail sales fell sharply in October, weighing on the US dollar. Overall retail sales fell from 1.9% to 0.3%. It was the lowest gain since April. The kernel reading slowed to 0.2%, down from 1.5% previously.

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AUD / USD daily chart with support and resistance lines. Click to enlarge:

  1. Construction work carried out: Wednesday, 00:30. This indicator is published quarterly, amplifying the impact of each publication. It has not posted a gain since 2018, reflecting continued weakness in the construction industry. The indicator came out at -0.7% in Q2 and the estimate for Q3 at -1.8%.
  2. Private capital expenditure: Thursday, 12:30 a.m. New capital spending has posted declines for six consecutive quarters. The decline in the second quarter was particularly strong, at -5.9%, and the forecast for the third quarter is -1.5%.

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AUD / USD technical analysis

Technical lines from top to bottom:

We start with resistance at 0.7595.

0.7421 is an important monthly resistance line.

0.7332 is the following.

0.7242 (mentioned last week) remains a weak support level.

0.7105 is as follows.

0.7008 protects the symbolic level 0.7000. This is the final support level at this time.

I am neutral on AUD / USD

The US dollar has fallen out of favor in recent weeks, but the Australian dollar could also experience some shocks as weak global demand continues to weigh on Australia’s export sector.

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