AUD/USD ANALYSIS & TALKING POINTS

• Australian wage growth the highest since 2009.
• Focus now shifts to US PPI and retail sales data.
• AUD/USD bulls look to break 0.65 handle.

AUSTRALIAN DOLLAR FUNDAMENTAL BACKDROP

Precious and base metals are broadly higher adding to AUD upside today ahead of US PPI and retail sales. PPI is generally seen as a leading indicator that could give an indication as to inflation (CPI) going forward. If actual data falls in line with estimates, the US dollar may weaken further.

TECHNICAL ANALYSIS

AUD/USD DAILY CHART

Chart prepared by Warren Venketas, TradingView

AUD/USD price action shows the pair back at the 0.6500 psychological level once again. The level has held firm since mid-August but may be giving way soon. The next zone under scrutiny will be the 200-day moving average (blue) from a bullish perspective but a close above the November swing high is needed before bulls can push the pair higher.

Key resistance levels:

• 0.6596
• 200-day MA

Key support levels:

• 0.6459
• 50-day MA
• 0.6358

IG CLIENT SENTIMENT DATA: BULLISH (AUD/USD)

IGCS shows retail traders are currently net LONG on AUD/USD, with 62% of traders currently holding long positions.

https://www.dailyfx.com/news/forex-aud-usd-price-forecast-australian-wage-growth-hits-fresh-highs-wv-20231115.html