WEEK 46 | Sunya Global Logistics：Shipping News-Eu/Med

On November 5, the Australian dollar (AUD) edged higher against the U.S. dollar (USD), reversing earlier losses. After the release of S&P Global’s Australia Services PMI, the AUD faced some pressure. The index rose slightly from 52.4 in September to 52.5 in October, indicating continued expansion in service activity for the 21st consecutive month. Meanwhile, the Composite PMI fell to 52.1 from 52.4 previously. The downside potential for the AUD/USD pair may be limited, as the Australian dollar could find support from positive progress in U.S.-China trade negotiations.

Data from the Australian Bureau of Statistics (ABS) showed that building permits rose 12.0% month-on-month, beating market expectations of a 5.5% increase and rebounding from a 3.6% decline in August. ANZ job advertisements fell 2.2% in October, following a revised 3.5% drop in the previous month — marking the fourth consecutive monthly decline.

The AUD/USD pair traded near 0.6490 on Wednesday. Technical analysis on the daily chart suggests that the pair is in a consolidation phase, moving sideways within a rectangular pattern. The pair remains below the 9-day Exponential Moving Average (EMA), indicating weakening short-term momentum.

Key support levels are seen near the lower boundary of the rectangle at 0.6460, followed by the five-month low of 0.6414 recorded on August 21. Further support lies at the six-month low of 0.6372.

On the upside, immediate resistance appears at the psychological level of 0.6500, followed by the 9-day EMA at 0.6522. A break above the latter could improve short-term momentum and allow the pair to test the upper boundary of the rectangle near 0.6630. A further rise would signal a bullish breakout, potentially pushing the pair toward the 13-month high of around 0.6707 reached on September 17.