Current trend
Australian dollar continues to decrease against USD in view of positive macroeconomic statistics from the USA. Thus, US GDP gained about 3% within the period from July to September. According to Bloomberg economists, growth is mainly determined by strong data on consumer spending that make up about 70% of GDP. In the previous quarter they increased by 2.4%. If the growth rate remains unchanged, the Fed will continue to increase the interest rate which will have a positive impact on USD.
Australian regulator keeps the rates on low levels trying to increase investments in business and reduce the rate of the national currency to force export. However, the growth rate of employment and salary remains low. Local authorities are sure that employment will start to grow in the next few years as a result of economic stimulation.
Support and resistance
Stochastic is at 89 points and indicates possible correction of the asset from current levels.
Resistance levels: 0.7690.
Support levels: 0.7624.
Trading tips
Short positions may be opened from the level of 0.7690 with target at 0.7624 and stop-loss at 0.7745.
Australian dollar continues to decrease against USD in view of positive macroeconomic statistics from the USA. Thus, US GDP gained about 3% within the period from July to September. According to Bloomberg economists, growth is mainly determined by strong data on consumer spending that make up about 70% of GDP. In the previous quarter they increased by 2.4%. If the growth rate remains unchanged, the Fed will continue to increase the interest rate which will have a positive impact on USD.
Australian regulator keeps the rates on low levels trying to increase investments in business and reduce the rate of the national currency to force export. However, the growth rate of employment and salary remains low. Local authorities are sure that employment will start to grow in the next few years as a result of economic stimulation.
Support and resistance
Stochastic is at 89 points and indicates possible correction of the asset from current levels.
Resistance levels: 0.7690.
Support levels: 0.7624.
Trading tips
Short positions may be opened from the level of 0.7690 with target at 0.7624 and stop-loss at 0.7745.