The Australian dollars remains vulnerable. And there are several reasons. First, the Reserve Bank of Australia this week lowered the rate. Second, the data released today on the labor market proved to be quite weak. The unemployment rate in April rose to 6.2% from 6.1% in March.
The level of employment declined by 2900 with an expected growth of 5 000. In addition, the price of iron ore, the main export product of Australia, show a negative trend. Against this background, we can assume that the growth rate of the economy will continue to slow down.
|Australian dollar chart|
Support and resistance levels
Support 1 94,60
Support 2 94,00
Current price: 94,66
Resistance 1 95,00
Resistance 2 95,30
Australian dollars (AUD/JPY) – sell australian dollars (aud / jpy) – Sell in case of breakdown level of 94.60 with a view to the level of 94.00. Stop-Loss = 95,00
Warning: Profitability in the past does not mean profitability in the future. Any projections are for informational purposes and do not guarantee the results obtained.