Can AUDUSD Recover Ground?

Aussie Dollar managed to correct higher recently against the US Dollar after a few positive releases in Australia.

Today, the Australian Private Sector Credit report was released by the Reserve Bank of Australia, which stated that there was a gain of 0.8% in September 2015, more than the expectation of 0.5%.

Moreover, the Australian Producer Price Index was published by the Australian Bureau of Statistics, which posted an increase of 0.9% in Q3 2015.

Australian PPI

Today, Australia saw a couple of key economic releases including the Producer Price Index that represents the average changes in prices in the Australian markets by producers of commodities. It was reported by the Australian Bureau of Statistics and registered a growth rate of 0.9% in the PPI in the third quarter of 2015, compared with the preceding quarter and was above the market expectation.

When we analyze the year-over-year change, then the Australian PPI gained 1.7% in the third quarter of 2015, compared with the same quarter a year ago.

Moreover, the report mentioned that the “intermediate demand rose 0.7% in the September quarter 2015, and was mainly due to rises in the prices received for textile, clothing, footwear and leather manufacturing (+4.3%) and sheep, beef cattle grain farming and dairy farming (+8.8%)”.

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Australian Private Sector Credit Report

Second important release was the Private Sector Credit that represents an amount of money that the Australian private sector borrows. It was reported by the Reserve Bank of Australia and the market was expecting an increase of 0.5% in September 2015, compared with the preceding month.

The outcome was above the forecast, as the Private Sector Credit registered a rise of 0.8%. Furthermore, the yearly change was 6.7% in September 2015, compared with the same month a year ago.

Technical Analysis – AUDUSD

The AUDUSD managed to gain traction during the Asian session today and traded higher close to the 0.7120 resistance area. The 0.7120-40 area represents a major hurdle for buyers, and they need to clear to it if the pair has to make a move higher.

On the downside, the 0.7080 is a monster support area, followed by the recent low of 0.7065. A break below it could take the AUDUSD pair towards the 0.70 handle.

Yours,
Vladimir

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Vladimir Ribakov

Following 11+ years of trading experience, trading my own accounts as well as for hedge funds and brokerages, I have decided to fulfill my destiny and to personally mentor Forex and Commodities traders. When I released the “Broker Nightmare” (software that hides trades from brokers) 8 years ago, I found an overwhelming number of frustrated people who genuinely wanted to learn how to trade the Forex market, but instead found themselves scammed and misled. Over the years I have also release other trading systems based on my trading strategies, and met a lot of people on my worldwide Forex seminars. We’ve formed a close Forex community and we meet once or twice a year in various locations in Europe.