The Australian dollar has strengthened over the past week, and investors believe that consumer confidence in Australia improved in October. Business confidence has remained stable for the third consecutive month. Additionally, the weakening of the US dollar has further bolstered the Australian dollar.
Consumer confidence increased by 2.9% to 82 in October, although it is still in negative territory. This aligns with the continued restraint in household spending since the end of last year. However, there is hope that employment will increase, along with household income.
Currently, high inflation rates persist, and concerns about interest rates have risen again, even though the RBA has paused interest rate hikes. Most investors expect another interest rate increase later this year to bring inflation back within the target range of 2-3% in the long term.
Retail trade increased by 0.2% month-on-month in August, a slight improvement that bodes well for retail growth. Consumer spending is still being controlled due to high interest rates, which has raised concerns about rising expenses and household financial stress.
Australia's trade surplus increased to AUD 9.64 billion in August, surpassing market expectations of AUD 8.725 billion. This expansion was driven by stronger export performance, even as imports declined slightly by 0.4% compared to the previous month, totaling AUD 46.05 billion. The largest drop in imports was seen in gold and machinery.
Exports increased by 4% month-on-month in August, totaling AUD 55.69 billion. This was the first significant increase since May, primarily boosted by exports to China, one of Australia's top trading partners. China's government support for its manufacturing industry has driven Australian exports, with exports to China rising by 5.1% month-on-month to AUD 16.49 billion. The majority of exports consisted of minerals and petroleum, which are crucial to several industries in China.
Resistance: 1.5607, 1.5630, 1.5661
Support: 1.5553, 1.5522, 1.5500
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
| Classic | 1.5500 | 1.5522 | 1.5553 | 1.5576 | 1.5607 | 1.5630 | 1.5661 |
| Fibonacci | 1.5522 | 1.5543 | 1.5555 | 1.5576 | 1.5597 | 1.5609 | 1.5630 |
| Camarilla | 1.5569 | 1.5574 | 1.5579 | 1.5576 | 1.5589 | 1.5594 | 1.5599 |
| Woodie's | 1.5504 | 1.5524 | 1.5557 | 1.5578 | 1.5611 | 1.5632 | 1.5665 |
| DeMark's | - | - | 1.5537 | 1.5568 | 1.5591 | - | - |
Buy/Long 1: If the price touches support in the price range of 1.5522 - 1.5553 but cannot break the support at 1.5553, you may set a TP at approximately 1.5630 and SL at around 1.5500 or according to your acceptable risk.
Buy/Long 2: If the price breaks the resistance in the price range of 1.5607 - 1.5630, you may set a TP at approximately 1.5661 and SL at around 1.5522 or according to your acceptable risk.
Sell/Short 1: If the price touches resistance in the price range of 1.5607 - 1.5630 but cannot break the resistance at 1.5607, you may set a TP at approximately 1.5522 and SL at around 1.5661 or according to your acceptable risk.
Sell/Short 2: If the price breaks the support in the price range of 1.5522 - 1.5553, you may set a TP at approximately 1.5500 and SL at around 1.5630 or according to your acceptable risk.
| Name | Value | Action |
| RSI(14) | 43.620 | Sell |
| STOCH(9,6) | 30.883 | Sell |
| STOCHRSI(14) | 45.115 | Neutral |
| MACD(12,26) | -0.003 | Sell |
| ADX(14) | 26.045 | Buy |
| Williams %R | -69.405 | Sell |
| CCI(14) | -44.5145 | Neutral |
| ATR(14) | 0.0064 | Less Volatility |
| Highs/Lows(14) | -0.0002 | Sell |
| Ultimate Oscillator | 45.914 | Sell |
| ROC | -0.467 | Sell |
| Bull/Bear Power(13) | -0.0045 | Sell |
|
Buy:1 Sell:8 Neutral:2 Summary:Strong Sell |
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