AUD/USD is developing an upward momentum, while the AUD receives support from the growth of commodity prices, the growth of global stock indices and positive macro data coming from Australia. The breakdown of the local highs 0.7540, 0.7555 will confirm the bullish trend of the pair and direct it towards the key long-term resistance level 0.7610, the break of which and further growth can finally bring AUD/USD into the zone of a long-term bull market.
The Australian government expects that in the 2022-23 financial year, the country's economy will grow by +3.5%, the unemployment rate will fall to a minimum since the early 1970s (in February, unemployment in Australia fell to 4.0%, the lowest since August 2008) and salaries will increase by about 3.25%. This, in turn, will allow the Reserve Bank of Australia, which meets next week, to begin normalizing monetary policy.
The first signal for an alternative downside scenario will be a breakdown of the local support level 0.7465, and a confirming one – the support level 0.7448.
Support levels: 0.7465, 0.7448, 0.7400, 0.7323, 0.7310, 0.7290, 0.7175, 0.7085, 0.7037, 0.7000, 0.6970
Resistance levels: 0.7510, 0.7540, 0.7555, 0.7610, 0.7730, 0.7775, 0.7815, 0.7900, 0.8000
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