Australia's trade balance decreased the most in 4 months.

The Australian dollar weakened once again after officials at the United States Federal Reserve began discussing potential interest rate cuts for this year. However, gold and oil prices, along with the Australian dollar, which weakened, indicate that Australia may experience its lowest trade surplus in 5 months due to continued imports, primarily of crude oil and industrial metals.

Job postings in Australia decreased by 1.0% on a monthly basis in March, following a 2.1% decline in the previous month. This consecutive decline in job postings for the second consecutive month also suggests a potential continuous increase in unemployment, especially in the technology sector. Economist Madeline Dunk from ANZ commented that the average unemployment rate is unlikely to change significantly as the number of job postings has only slightly changed compared to the fourth quarter of 2023.

The Reserve Bank of Australia (RBA) maintained its interest rate at 4.35% during its March meeting. Additionally, there are indications that Australia's economic growth is slowing due to increased borrowing costs. Nevertheless, inflation rates continue to ease amid delayed price adjustments. RBA policymakers continue to prioritize reducing inflation rates, targeting 2-3% by 2025, and emphasize monitoring domestic trends, inflationary trends, and labor markets closely.

Australia's trade surplus narrowed to $7.28 billion, lower than the market's expectation of $10.4 billion, due to a decrease in exports while imports surged rapidly.

Imports increased by 4.8% annually, totaling $38.24 billion, primarily driven by domestic demand for consumer and processed industrial goods. Conversely, exports fell by 2.2% to a 4-month low of $45.52 billion, attributed to declining exports of minerals and processed animal and plant products, indicating continued weakness in external demand.

Techical analysis data (5H)

Resistance: 1.5246, 1.53, 1.5331

Source: Investing.com

Buy/Long 1: If the price touches support in the price range of 1.513 - 1.5162 but cannot break the support at 1.5162, you may set a TP at approximately 1.53 and SL at around 1.5077 or according to your acceptable risk.

Buy/Long 2: If the price breaks the resistance in the price range of 1.5246 - 1.53, you may set a TP at approximately 1.5331 and SL at around 1.513 or according to your acceptable risk.

Sell/Short 1: If the price touches resistance in the price range of 1.5246 - 1.53 but cannot break the resistance at 1.5246, you may set a TP at approximately 1.513 and SL at around 1.5331 or according to your acceptable risk.

Sell/Short 2: If the price breaks the support in the price range of 1.513 - 1.5162, you may set a TP at approximately 1.5077 and SL at around 1.53 or according to your acceptable risk.

Pivot point April 6, 2024 01:30 AM. GMT+7