The Australian dollar (AUD) rises against the US dollar (USD) on the first day of a new month. The news broke the continued momentum of the AUD/USD currency pair on the progressive stage of the rising.

It could happen that the US PMI Manufacturing employment index would fall from 50.2 to 49.6 on November 1, 2021. Expectations of a job loss open the door for a beat. The dollar has room to grow, but for the wrong reasons.

The Manufacturing Index of the Institute for Supply Management (ISM) indicates market conditions in the US manufacturing sector, taking into account expectations for future manufacturing, new orders, inventories, jobs, and deliveries. It is a predictor of the overall economic situation in the US. The ISM Manufacturing Jobs Index reflects company sentiment about labor market conditions and is a leading indicator of non-farm payrolls.

Today, the AUD/USD pair price is quoted at 0.7173, with the number of support levels, behind the pair, which sustains the price at the given level.

However, the expectation of preserving the price is lower because, according to the Australian Bureau of Statistics (ABS), Australia is about to announce building permits on November 03, 2021. Economists predict that it might register a figure of -2% in September relative to 6.8% of a month before data.

It denotes a movement in corporate investment (the Australian economic development). It tends to produce some volatility in the AUD. The lower licenses issued, the more unfavorable (or bearish) the AUD becomes, and vice versa.

Conclusion

The technical bias might remain bullish because of the higher low wave printed in the last downside price movement of the graph. Hence the ground of investment is still open for the stockholders.