It’s the third day when the Australian Dollar (AUD) inched higher against the US dollar (USD). This great news broke the falling momentum of AUDUSD, and run on the progressive stage of the rising.

It is happening because of the US PMI Manufacturing employment index, which is going to release on October 01, 2020, which, according to the economist estimates, might decrease from 46.8 to 45.4. Expectations for a fall in jobs open the door to a beat. The dollar has space, but for the wrong reasons, to gain ground.

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 strong non-farm payrolls.

Today AUDUSD 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, Australia is about to announce retail sales with a negative status of 4.2 percent in the coming days.

Retail Sales is a sample of items sold by distributors based on a selection of various styles and sizes of retail stores and is a measure of the rate of the Australian economy. It illustrates the productivity of the retail industry over the short and medium-term.

Conclusion

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