The price of Australian dollar continued to rise against the weakening U.S. dollar, expectations of statistics from China and growth in iron ore prices on the world markets. The quotes of AUD/USD has broken through the strong resistance level at 0.9300, reached the upper limit of the upward channel and approached the level of 0.9400. Positive for the market was also a report on the growth of the consumer confidence index in April by 0.3% against a decline by 0,7% in March.
We expect the price correction inside the rising channel due to overbought Australian currency. In addition, the Reserve Bank of Australia stated the need to fight the high exchange rate and leave a soft monetary policy in the near future. The course of trading in the near future will be affected the minutes from the meeting of the Federal Open Market Committee and labor market data in Australia, which will be released tomorrow.
Wish you the profits!
FXFINPRO Capital Analytical department.