Today the pair significantly grew amid a publication of strong macroeconomic statistics in Australia. Building Permits in April increased by 3% instead of a forecasted decline of 2.8%, while the Private Sector Credit rose from 6.4% to 6.7%.
Today attention also needs to be paid to data on the Consumer Confidence in the US. Growth in the index will pressure the pair.
Support and resistance
On the , the pair is trading in the lower , while bands are directed down and the price range is narrowing. histogram is in the negative zone and signalling sales. is growing.
Support levels: 0.7216, 0.7182, 0.7137, 0.7107, 0.7067, 0.7054, 0.7004.
Resistance levels: 0.7288, 0.7334, 0.7364, 0.7406, 0.7451.
Long positions can be opened from current prices with the target at 0.7288 and stop-loss at 0.7216. Validity – 1 day.
Short positions can be opened from the level of 0.7288 with targets at 0.7182, 0.7107 and stop-loss at 0.7334. Validity – 1-3 days.