AUD/USD further consolidation
According to the latest information from Westpac Bank and the Melbourne Institute on Wednesday, consumer confidence in Australia fell slightly in June, with an index of 107.2. That is 5.2 percent less than in May, a drop of the index of 4.8 percent on 113.1.
The two-month decline can be attributed to a combination of statistical correction after an extreme jump to an 11-year high in April. The bank said – as well as a certain disappointment over the budget given the high expectations.
The latest drop in June is almost certainly due to the two-week blockade in Melbourne, which raised concerns because the research was conducted during the first week of the lockdown.
Sustainable recovery will continue to rely on health outcomes over the next year or similar until Australia reaches an appropriate level of vaccination, the bank said.
The Australian Reserve Bank is expected to withdraw its quantitative easing, keeping the current target group-buying yield bonds when it meets next month and makes important decisions, former board member John Edwards said early Wednesday. Despite the strong momentum we have seen throughout the economy, there is no room for complacency, and we must ensure economic recovery, said Friedenberg, the Austrian treasurer for the issue of Western Australia.
The diplomat concluded the following text entitled “Australia’s strong recovery from the pandemic,” saying that we have not yet come out of this crisis, but working together, we will get to the other side, and we will be stronger together.
Looking at the chart on the daily time frame, we see that the AUD/USD pair has been quiet for the last three days and is hovering around 0.77500. The moving averages are in the middle of this great sideways movement and slightly support the bullish option. So we could expect the pair to climb to the upper resistance zone around 0.78000. The MACD indicator is in line with the chart in a sideways movement and cannot help us determine the trend movement.
