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The Forex AUD/USD pair continues its uncertain corrective dynamics, trading at 0.6997 after the Australian Bureau of Statistics (ABS) published data on the state of the national labor market in May.
AUD/USD Forex today
According to the report, the unemployment rate remained at 3.9% for the third consecutive month, signaling a slowdown in labor force growth and AUD/USD Forex rate. Despite this, employment in the country increased by 60.6 thousand to 13.510 million people, and the share of the economically active population – up to 66.7%, although the number of unemployed increased by 7.8 thousand people, amounting to 548.1 thousand. Thus, the national labor market is actively recovering, which provides support to the national economy and AUD/USD Forex chart.
US politics and AUD/USD Forex prediction
In turn, two key blocks of statistics were published in the US the day before, which influenced the quotes of the AUD/USD live Forex chart. Thus, the number of applications for unemployment benefits amounted to 229 thousand, which exceeded the 215 thousand predicted by analysts, and the total number of citizens receiving payments from the state increased to 1.312 million from 1.309 million. In addition, a report was released on the state of the housing market, which also affected the long-term Forex AUD/USD forecast. According to it, in May, the number of building permits issued fell to 1.695 million from 1.823 million a month earlier, which led to a reduction in the volume of construction of new homes to 1.549 million from 1.810 million a month earlier.
What is seen on the live Forex chart AUD/USD?
Now the Forex AUD/USD trading instrument is testing the level of 0.6960 for a breakdown upwards, however, further positive dynamics of the AUD/USD Forex rate is limited by experts’ fears regarding the slowdown in the global economy.
As you know, a number of global financial regulators, including the US Federal Reserve and the Bank of England, made the expected decisions to raise interest rates, and the US department decided on a record increase of 75 basis points since 1994. Central banks are trying to respond to the soaring consumer prices and the downtrend of the AUD/USD Forex chart, sacrificing the prospects for economic recovery, while external factors change little.
Live Forex chart AUD/USD support and resistance levels
So what’s with AUD/USD Forex today? On the daily chart, Bollinger Bands are steadily declining: the price range is expanding, clearing the way for the “bears” to new local highs.
The MACD indicator of the AUD/USD live Forex chart is falling, keeping a weak sell signal (the histogram is below the signal line). Stochastic is trying to turn into a horizontal plane, being located approximately in the center of its working area.
Experts’ AUD/USD Forex prediction says that the resistance levels are as follows: