With the start of the trading week, the Australian dollar is slightly strengthening, at the moment the rate is 0.7606.
In general, the global trend remains descending and the key role is played by the low interest rate, which the Reserve Bank of Australia decided to leave unchanged at 1.5%. The country's unemployment rate rose to 5.6% and, according to analysts, the regulator is unlikely to tighten monetary policy until the indicator falls below 5%, and inflation reaches 2-3%. In addition, many entities are heavily indebted to Australian commercial banks and any rate increase could adversely affect economic growth and aggregate consumption. Generally, the regulator considers the economic situation in the country positive and plans that GDP will accelerate and may reach more than 3% for 2018.
This week, data on the unemployment rate for May will be published, a slight slowdown to 5.5% is expected.
Support and resistance
Stochastic is at 71 points and does not provide a signal for the opening of positions.
Resistance levels: 0.7629, 0.7680.
Support levels: 0.7580, 0.7550.
Short positions may be opened below the support level of 5/8 or 0.7580 with take-profit at 0.7550 and stop-loss at 0.7629.
Australian vs US Dollar
|Support levels||0.7550, 0.7580, 0.7629, 0.7680|
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