Today. The Australian dollar (AUD) fell against the US dollar (USD) by less than 0.7400. Ahead of the wage price index news (WPI).

Economists expect the WPI to be 0.5% higher than the month before index 0.4%.

It measures rising labour costs and tightening labour markets. The Reserve Bank of Australia (RBA) considers this when setting interest rates. A high reading is bullish for the AUD, while a common task is a pullback (or bearish).

The Australian dollar is currently trading at 0.7315, which isn’t particularly outstanding. The chart shows that the pair is trading within a volatility channel, with a green label indicating that if the price increases one day, it will fall the following.

Moreover, the US Census Bureau at the Department of Commerce will release the figure of Building Permit on November 17, 2021. The Economists predict that it might remain 1.64 M in October compared to the month before indexing of 1.589 M.

The Building Permits column displays the number of permits issued for new construction projects. It signifies a change in corporate investment (US economic development). It tends to cause some volatility in the USD. Typically, the more significant the increase in permits, the more positive (or bullish) the USD.

Conclusion

The AUD/USD currency pair appears to be on the approach of a downward surge. As a result, short- to medium-term traders may find it lucrative to sell the AUD/USD pair around the current level.